Facts: No foreigners own any part of the Fed. Each Federal Reserve bank is owned exclusively by the participating commercial banks and S&Ls operating within the Federal Reserve bank's district. Individuals and non-bank firms, be they foreign or domestic, are not permitted by law to own any shares of a Federal Reserve bank. Moreover, monetary policy is controlled by the publically-appointed Board of Governors, not by the Federal Reserve banks.

Fact: Independent accounting firms conduct full financial audits of the Federal Reserve banks and the Board of Governors every year. The Fed is also subject to certain types of audits from the Government Accounting Office.

Facts: The Federal Reserve rebates its net earnings to the Treasury every year. Consequently, the interest the Treasury pays to the Fed is returned, so the money borrowed from the Fed has no net interest obligation for the Treasury. The government could print its own currency independent of the Fed, but there would be no effective safeguards against abuse of this power for political gain.

Facts: The Federal Reserve banks have only a small share of the total national debt (about 7%). Therefore, only a small share of the interest on the debt goes to the Fed. Regardless, the Fed rebates that interest to the Treasury every year, so the debt held by the Fed carries no net interest obligation for the government. In addition, it is Congress, not the Federal Reserve, who is responsible for the federal budget and the national debt.

Facts: Kennedy wrote E.O. 11,110 to phase out silver certificate currency, not to issue more of it. Records show Kennedy and the Federal Reserve were almost always in agreement on policy matters. He even signed legislation to give the Fed more authority to issue currency.

Facts: McFadden was incorrect regarding the Fed costing the government money. However, later economic analysis agrees with him that Federal Reserve policy blunders had a substantial role in causing the Depression. However, his implication that this was done deliberately has no basis in fact. Moreover, for a dozen years prior to his rant, McFadden had been the chairman of the House subcommittee that oversaw the Federal Reserve. Why didn't he do anything to reform or abolish the Fed while he had the chance?

Facts: The banking system is indeed able to create money with a mere computer keystroke. However, a bank's ability to create money is tied directly to the amount of reserves customers have deposited there. A bank must pay a competitive interest rate on those deposits to keep them from leaving to other banks. This interest expense alone is a substantial portion of a bank's operating costs and is de facto proof a bank cannot costlessly create money.

Fact: The term 'lawful money' does not refer to gold or silver coin, but to types of money which the government would permit banks to use when tabulating their reserves. These types of money included, but were not limited to, gold and silver coin.

The Federal Reserve has government people in control of that system. This whole myth that it is privately owned comes from morons like Alex Jones and other lunatics.

I am against the Federal Reserve for REAL reasons. Not because they have some illuminati/freemason/nwo/911/jfk/cia blah blah blah connection

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That is how Ben Bernanke is the real president of the United States, using Obama, Bush or any other president as his puppet to take all the falls.

In the 1910’s the federal reserve was created a few days before christmas, when most of congress was at home. Paul Warburg, one of the Rothschilds and some other banker paid off the rest of congress to pass the federal reserve act giving themselves the power to create money.

This is how america is truly a dictatorship. Read this quote from the president who passed this act Woodrow Wilson years later

“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world – no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.”

Do you really think paper is worth anything?

The Constitution was written with one basic assumption in mind- that the American people would keep up their side of the deal, bringing the politicians to task for their actions. We've gotten so far into the world of easy-peasy that the American people collectively don't care about what the politicians do because they "don't understand it", or "it doesn't concern them", or they "have better stuff to do." (All stuff I've heard, by the way)

That is our problem, not politicians that want to be reelected.

My one concern is that the Federal Reserve is yet another indicator of our lapse in Constitutional authority in this nation. The Constitution lists monetary policy as Congress' job, not a bank that is owned by foreign powers that have a vested interest in bringing our money system down!

The federal reserve was founded on the principal of the ability of the government to tax the people. Have you noticed that the people are getting a little bit upset lately about all those taxes the government seems to be coming up with?

I began investing in gold way back when it was $35.00 an ounce.

Something a young man should think about.

Just my not-so-humble opinion.