The Federal Reserve or the "Fed", as it is more commonly known, was established in 1913. It acts as the central banking system for the United States. It is further divided into 12 district banks.
The Fed was created in order to accomplish the following:
- conduct the management of the nation's money supply with the objective of price stabilization
- supervise banking institutions in order to ensure their soundness
- maintain stability of the financial system
- provide financial services to a variety of financial entities, such as banks and the United States
Sounds like they've done one hell of a GREAT JOB!
In fact, prior to the Fed's creation, consumer prices remained virtually stable. Since 1913, the dollar has lost 97%, or so, of its value! Our banks are a complete mess BECAUSE of The Fed and its utter mismangement of interest rates and creation of asset bubbles. Maintain stability of the FINANCIAL SYSTEM? Uh-huh!
What most people DON'T realize, is that the Federal Reserve is very likely privately owned. Now, in fairness, I can't prove this because the Fed is shrouded behind an incredible cloak of secrecy. But, it CAN be proven that its 12 district banks are, as was the case in 1982, when a judge ruled so in "John L. Williams vs United States of America". So, it's logical to conclude that the Fed itself is privately owned.
The owners of the FED are believed to include some powerful entities, such as Goldman Sachs (GS). Isn't it a wee bit coincidental that employees of this firm are constantly given senior government positions, like head of the Treasury, while departing senior government advisors are given lucrative positions at GS?
Finally, its important to point out that the Federal Reserve refuses to be audited. In fact, Fed chief Ben Bernanke has repeatedly warned of "catastrophic consequences" if one were to be conducted. Given their obvious ineptitude, it isn't too tough to speculate as to why. The only conclusions I can draw are that either they are trying to cover up their ineptitude or, more likely, they have been involved in some nefarious activities.
Ron Paul has introduced legislation to audit the FED. This legislation has a very high level of bi-partisan support. However, the slowness of Congress and the unfortunate influence of a handful of congressmen has, so far, precluded the audit. Nonetheless, I believe it ultimately WILL occur.
Thanks for reading. I really appreciate comments, pro or con. And, I hope you found this informative.