US "Federal" Reserve used to prop up failed Irish Banks

Cavehill Red

squod wrote: »

I think I'll just edit the page and make Donald Duck the CEO.

He'd probably do a better job, actually. His uncle seems to know more about wealth creation than the entire Fed does.

phantom_lord

can someone plz point out to me where the huge banking conspiracy is when it's actually the us government that gets the profits from the fed?

robtri

Cavehill Red wrote: »

This really isn't a difficult question - the answer is in the text you yourself quoted - is the Federal Reserve a public or privately owned entity?
The answer is a privately owned one.

the federal reserve and the federal reserve BANKS are completely different entities...
I think this is where youa re getting confused...

The FEDERAL RESERVE.. is goverment owned..

then under this banks can apply to become FEDERAL RESERVE BANKS... think of it as a franchise.... (like mcdonalds..where any joe soap can buy a franchise and pay royalties every year to Mcdonalds HQ, as long as they met certain criteria)
these FEDERAL RESERVE BANKS are normal privately owned or trade on the stock market...

there is a huge difference between the FEDERAL RESERVE and FEDERAL RESERVE BANKS....

Anonymous1987

squod wrote: »

I think I'll just edit the page and make Donald Duck the CEO.

I changed my stance based on evidence that was new to me, you should try it but first you will have to overcome your confirmation bias .

Anonymous1987

Cavehill Red wrote: »

No, it does not. The banks own the Fed, as your own links, and the relevant legislation, make crystal clear.

I'm afraid not, there are public and private parts to the Fed System but the public part (Federal Reserve Board) dominates the actual decision making.

Anonymous1987

phantom_lord wrote: »

can someone plz point out to me where the huge banking conspiracy is when it's actually the us government that gets the profits from the fed?

Correct here is the Source:

How is the Federal Reserve funded?

The Federal Reserve's income is derived primarily from the interest on U.S. government securities that it has acquired through open market operations. Other sources of income are the interest on foreign currency investments held by the System; fees received for services provided to depository institutions, such as check clearing, funds transfers, and automated clearinghouse operations; and interest on loans to depository institutions (the rate on which is the so-called discount rate). After paying its expenses, the Federal Reserve turns the rest of its earnings over to the U.S. Treasury.

Aka Ishur

As pointed out numerous times by anon and also by robtri, the privately owned regional federal reserve banks, are very different from the government owned entity known as the 'Fed'.

As for the myth that the fed is printing money out of thin air for no cost is just that, a myth, readily dispelled by anyone willing to look at the business pages to witness the steadily falling value of the dollar.

robbyvibes

Anon portrayed the privately owned reserve banks as being under control of the federal government which we know aren't.

The Federal Reserve board might be appointed by the president but im adamant they make no key monetary decisions for privately owned banks..let's be honest about that atleast.

Bernanke is what some would term "a useful idiot" and that's exactly how I see him.

The Federal Reserve portrays itself as being independent but owned by the US government.

Lets look at the case: Bloomberg vs Federal Reserve

The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

The response, this document states:

The Board denied the requests claiming that the records sought by Bloomberg did not constitute
“records of the Board” because they were housed at the Federal Reserve Bank of New York (“FRBNY”)
which, argued the Board, is not an agency and thus not subject to FOIA

Isn't it just ridiculous for someone to argue the Federal Reserve is under federal control?

Its pretty obvious the Federal Reserve is private regardless of how it is structured or how they claim to operate.

It is not under government control in any way at all as much evidence has shown.

I'm quite happy to accept this but there will always be someone out there "no no no...you don't understand the difference!"

I understand we're supposed to believe there's a difference where there really is none for me personally.

Privately owned banks are in charge of US monetary policy, not the US government.

I'll tell you how we could settle this, let's ask Max Keiser when he's in dublin this weekend, let's get his opinion on the issue.

phantom_lord

can you answer my question robby?

also it should be clear why the fed is independent, bank of england and the ecb are exactly the same.

robbyvibes

I didn't start this thread to argue a conspiracy.
By definition:

•a group of conspirators banded together to achieve some harmful or illegal purpose

I would argue what they're doing is atleast illegal..you can judge if it's harmful, for me that's obvious.

My thread was started to protest Ireland being saddled with debts that Irish people did not sign up to.

"Independent"? why don't you just say "Private" because that's exactly what they are.

The US government don't profit from the Federal Reserve, the banks do.

Banks are in control of monetary policy, not governments.
It's disingenuos to argue the federal reserve is under control of Bernanke in the Federal Reserve Board just because "that's what the federal reserve say on their website" rubbish.

I'm done with this discussion TBH...I know Federal Reserve is private and that's where i'll leave it.

phantom_lord

robbyvibes wrote: »

I'm done with this discussion TBH...I know Federal Reserve is private and that's where i'll leave it.

Even though that's contrary to the evidence available?

"Independent"? why don't you just say "Private" because that's exactly what they are.

Because it's independent. If it's a private company why does it report to congress?

robbyvibes wrote: »

The US government don't profit from the Federal Reserve, the banks do.

Not according to US Law

b) Transfer for fiscal year 2000.

The Federal reserve banks shall transfer from the surplus funds of such banks to the Board of Governors of the Federal Reserve System for transfer to the Secretary of the Treasury for deposit in the general fund of the Treasury,
Use of Earnings Transferred to the Treasury
(b) The net earnings derived by the United States from Federal reserve banks shall, in the discretion of the Secretary, be used to supplement the gold reserve held against outstanding United States notes, or shall be applied to the reduction of the outstanding bonded indebtedness of the United States under regulations to be prescribed by the Secretary of the Treasury. Should a Federal reserve bank be dissolved or go into liquidation, any surplus remaining, after the payment of all debts, dividend requirements as hereinbefore provided, and the par value of the stock, shall be paid to and become the property of the United States and shall be similarly applied.

And the Fed's reports:
http://www.federalreserve.gov/boarddocs/rptcongress/annual09/sec6/c3.htm#t2

See the line for payments returned to the US Treasury. $47 billion last year.

robbyvibes

FFS :rolleyes:

What "evidence" are you talking about?
All the damning "evidence" residing on the federal reserve website? HAHA!

You nor anyone else in this thread has been able to prove federal reserve banks are under control of Ben Bernanke or the US government.

Your attempts to prove so far are pathetic.

Try finding a few links not on the federal reserve website that support your belief.

I've got to go out for the day so when i return i'll expect more than just links to fed website.

phantom_lord

robbyvibes wrote: »

FFS :rolleyes:

What "evidence" are you talking about?
All the damning "evidence" residing on the federal reserve website? HAHA!

You nor anyone else in this thread has been able to prove federal reserve banks are under control of Ben Bernanke or the US government.

Your attempts to prove so far are pathetic.

Try finding a few links not on the federal reserve website that support your belief.

I've got to go out for the day so when i return i'll expect more than just links to fed website.

Is quoting US law not convincing enough for you either?

http://www.law.cornell.edu/uscode/search/display.html?terms=earnings&url=/uscode/html/uscode12/usc_sec_12_00000290----000-.html

I haven't seen any evidence from you that profit banks get all the profits?

The Washington Post must be in on in too:

http://www.washingtonpost.com/wp-dyn/content/article/2010/01/11/AR2010011103892.html

robbyvibes wrote: »

I didn't start this thread to argue a conspiracy.

Then why did it end up here?

Anonymous1987

robbyvibes wrote: »

Anon portrayed the privately owned reserve banks as being under control of the federal government which we know aren't.

The Federal Reserve board might be appointed by the president but im adamant they make no key monetary decisions for privately owned banks..let's be honest about that at least.

Too bad

The Federal Open Market Committee (FOMC), a component of the Federal Reserve System, is charged under United States law with overseeing the nation's open market operations.[1] It is the Federal Reserve committee that makes key decisions about interest rates and the growth of the United States money supply

Who are the members of the FOMC?

The Federal Open Market Committee consists of twelve voting members: the seven members of the Board of Governors and five of the twelve Federal Reserve Bank presidents.

http://www.federalreserve.gov/generalinfo/faq/faqfomc.htm#2

The FOMC therefore has a majority of voting members 7 out of 12 who are part of the publicly owned Federal Reserve Board (Board of Governors) meaning they control monetary policy.

robbyvibes wrote: »

The Federal Reserve portrays itself as being independent but owned by the US government.

Lets look at the case: Bloomberg vs Federal Reserve

The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

The Fed is in the process of revealing these, remember the independent link at the start of this thread and see here. If the Fed revealed the loans at the time, the banks would have faced a lack of liquidity the banks would have failed bringing down the entire financial system with them. The lack of liquidity was precisely the issue the Fed was trying to solve. These were extraordinary measures and are not the normal activities of the Fed.

In addition the $2T figure is misleading as 700bn (TARP) was taxpayer money which was the actions of the treasury, not the Fed in bailing out the banks. Although out of this 700bn, 20bn was put forward for the Fed portion the TALF. A questionable move however TALF has since ceased operation since March 2010 and published its lending as per the article above. Most of this is repaid and the estimated loss to the taxpayer was 30bn. I'm not aware of any taxpayer money but it is still a substantial amount and as I mentioned before it may create moral hazard but it did save the US financial system. Its debatable whether the taxpayer should have to bail out Wall Street for their failures, like here with Anglo.

The portion relating to the Fed was TALF which amounted to about $1 Trillion although there were other programs. This was separate to the treasury although the treasury did provide 20bn collateral. Again this a questionable move. It was designed to stimulate lending which was tightening up in the markets. While I would agree some of these actions were questionable, the Fed has shown transparency since then and ceased its emergency procedures.

robbyvibes wrote: »

The response, this document states:

The Board denied the requests claiming that the records sought by Bloomberg did not constitute
“records of the Board” because they were housed at the Federal Reserve Bank of New York (“FRBNY”)
which, argued the Board, is not an agency and thus not subject to FOIA

Again, regional federal banks are private, federal reserve board is public.

I've presented the facts and it remains that the Fed is a public institution. If you chose to believe a broader conspiracy between Fed and Congress (in whom the Fed is accountable to) then work away but the Federal Reserve Act remains.

As for the sources, it depends if you trust a public institution open to scrutiny to an elected congress. I would certainly favour these sources over youtube videos and links to blog sites and ads claiming I have been a lucky winner. No sources that can even remotely be considered trustworthy have provided to argue against my sources and claims without been shown to be misinterpreted and/or following an interpretation that does not stand up to demonstrated logic. I will not be responding to anymore questions without a reputable source. The bloomberg link was a good source but I explained how you misinterpreted it. I have stated my arguments with supporting evidence and in my view there is no break in my reasoning.