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The Federal Reserve ADMITS that Its 12 Banks Are PRIVATE – Not Government – Entities
Posted By admin On July 26, 2011 @ 3:28 am In Featured Stories,Money Watch,Tile | Comments Disabled
Washintong’s Blog 
July 26, 2011
Indeed, Ron Paul noted  recently that one-third of all fed bailout loans – and essentially 100% of loans from the New York Fed – went to foreign banks.
The New York Fed is the most important Fed bank. As Bloomberg pointed out  in 2009:
The New York Fed is one of 12 regional Federal Reserve banks and the one charged with monitoring capital markets. It is also managing $1.7trillion [now up to at least $1.9 trillion] of emergency lending programs [and accepting collateral from the banks in return].
While the Fed’s Washington-based Board of Governors is a federal agency subject to the Freedom of Information Act and other government rules, the New York Fed and other regional banks maintain they are separate institutions, owned by their member banks, and not subject to federal restrictions.
For that reason, the New York Fed alleged in the lawsuit brought by Bloomberg to force the Fed to reveal some information about its loans - Bloomberg LP v. Board of Governors of the Federal Reserve System, 08-CV-9595, U.S. District Court, Southern District of New York (Manhattan) – that it was not subject to Federal Freedom of Information Act. As Bloomberg reported  in a separate article:
The Federal Reserve Bank of New York … runs most of the lending programs. Most documents relevant to [a freedom of information lawsuit filed by Bloomberg news] are at the New York Fed, which isn’t subject to FOIA law, according to the central bank. The Board of Governors has 231 pages of documents, to which it is denying access under an exemption for trade secrets.
As the long-time Chairman of the House Banking and Currency Committee (Charles McFadden) said on June 10, 1932:
Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies ….
Similarly, the Bank for International Settlements (BIS) – often called the “central banks’ central bank”, as it coordinates transactions between central banks, and which is the entity determining the level of reserves banks are required to keep worldwide – is itself owned by the central banks of the world.
As Spiegel reported  in 2009:
The BIS is a closed organization owned by the 55 central banks. The heads of these central banks travel to the Basel headquarters once every two months, and the General Meeting, the BIS’s supreme executive body, takes place once a year.
In, other words, the private banks own the Fed (and mos other central banks), and the central banks – in turn – own BIS, the global bank regulator.
Interestingly, Spiegel points out that BIS is largely immune from regulation, oversight or taxes:
Formally registered as a stock corporation, it is recognized as an international organization and, therefore, is not subject to any jurisdiction other than international law.It does not need to pay tax, and its members and employees enjoy extensive immunity. No other institution regulates the BIS, despite the fact that it manages about 4 percent of the world’s total currency reserves, or €217 trillion ($304 trillion), as well as 120 tons of gold…
Central bankers are not elected by the people but are appointed by their governments. Nevertheless, they wield power that exceeds that of many political leaders. Their decisions affect entire economies, and a single word from their lips is capable of moving financial markets. They set interest rates, thereby determining the cost of borrowing and the speed of global financial currents.
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URL to article: http://www.prisonplanet.com/the-federal-reserve-admits-that-its-12-banks-are-private-not-government-entities.html
URLs in this post:
 Washintong’s Blog: http://www.washingtonsblog.com/2011/07/federal-reserve-admits-that-its-12.html
 went to foreign banks: http://www.washingtonsblog.com/2011/06/ron-paul-88-of-fed-bailout-loans-went.html
 this: http://sanders.senate.gov/newsroom/news/?id=9E2A4EA8-6E73-4BE2-A753-62060DCBB3C3
 this: http://www.zerohedge.com/article/fed-releases-details-secret-855-billion-single-tranche-omo-bailout-program-just-another-fore
 this: http://globalresearch.ca/index.php?context=va&aid=25566
 pointed out: http://www.bloomberg.com/apps/news?pid=20670001&sid=avjlPu.bRVmk
 no more federal than Federal Express: http://www.washingtonsblog.com/2009/01/kucinich-federal-reserve-no-more.html
 admitted: http://www.bloomberg.com/apps/news?pid=20601203&sid=avjlPu.bRVmk
 in the lawsuit brought by Bloomberg to force the Fed to reveal some information about its loans - Bloomberg LP v. Board of Governors of the Federal Reserve System, 08-CV-9595, U.S. District Court, Southern District of New York (Manhattan) – that it was not subject to Federal Freedom of Information Act. As Bloomberg reported: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aS89AaGjOplw
 determining : http://www.bis.org/bcbs/about.htm
 reported: http://www.spiegel.de/international/business/0,1518,635051,00.html
 Everyone Knows that the Federal Reserve Banks Are PRIVATE … Except the American People: http://www.prisonplanet.com/everyone-knows-that-the-federal-reserve-banks-are-private-except-the-american-people.html
 Federal Reserve Says Disclosing Emergency Loans Will Hurt Banks: http://www.prisonplanet.com/federal-reserve-says-disclosing-emergency-loans-will-hurt-banks.html
 San Francisco Federal Reserve Employee Admits Fed is a Private Corporation: http://www.prisonplanet.com/san-francisco-federal-reserve-employee-admits-fed-is-a-private-corporation-that-pays-dividends-to-shareholders.html
 Fed Refuses to Release Bank Lending Data, Insists on Secrecy, Says it Isn’t Subject to FOIA Law: http://www.prisonplanet.com/fed-refuses-to-release-bank-lending-data-insists-on-secrecy-says-it-isn%e2%80%99t-subject-to-foia-law.html
 Congressional Study: Largest Banks Likely Profited By Borrowing From Federal Reserve, Lending To Federal Government: http://www.prisonplanet.com/congressional-study-largest-banks-likely-profited-by-borrowing-from-federal-reserve-lending-to-federal-government.html
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