The Govt does not control the currency...the Federal Reserved does. The U.S Govt gave up tat right by an act of congress in 1913 when the Fed was created. It's a banking cartel owned and operated by the banks that control everything.
13 comments
@Michael3ov
Quite right, but that was not my point. Many agencies operate under congressional oversight but are not directly controlled by Congress. This ensures there is a general arm's length relationship, so there can be no accusations of Congress controlling fiscal policy to their personal benefit.
My point is that Marty was incorrect in his belief that the Fed is owned and operated by the banks. The banks don't need to own the Fed, they simply influence the Governors and ensure the Governors that are selected are "simpatico."
Doubting Thomas: Jesus Freaks? Jellyfish? Jerry Garcia Fan club?
Jeffersons?
Oh my god, that's it! The world economy is controlled by George and Weezy!
There is a relationship between banks and the Fed - Fed branches have shares which are owned by the various private regional banks. In order to get access to the Fed's money the regional banks they have to buy these shares. That said, the shares don't entitle them to being on the board of directors, voting, can't be traded, used as collateral, and can only collect a limited dividend of profits.
And before the federal reserve, the banks and states all issued their own currencies!
Wait, doesn't that give banks more power?
Also, aren't capital lenders like banks the foundation of capitalism?
Except for the implication that banks give a flying fuck about politics past getting paid, this is essentially true.
The Federal Reserve is privately owned and as long as they have the exclusive right to print and loan America's money at interest without gold backing the country will be in debt to them forever no matter how much legislative oversight is put in place. They don't control inflation or taxes or legislation, but they are owed every single dollar they print plus interest.
Ruthlessly effecient and almost dastardly business model and Christ only knows what they would do to protect it but that doesn't exactly make them the New World OrderTM.
Confused?
So were we! You can find all of this, and more, on Fundies Say the Darndest Things!
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