Saturday, March 1, 2014

DIDN'T KNOW THAT

Spent some time yesterday at the Northland Field Days doing Gods work.
No sign of Labour or the Greens (funny that) but ACT was there (represented by an empty tent) along with a new Party called Focus New Zealand.

Popped along for a nosey and met their leader who turned out to be a failed National Party candidate (failed as in didn't make it through selection).     We had a bit of a chat to try and distil where he was coming from.    His take on life was that business confidence was low (on a day that ANZ reported it at a record high), manufacturing was 'stuffed' (where have I heard that before) and that Government should intervene to bring the Reserve Bank under control (whatever that means).

But what really blew me away was his ascertain that the US Federal Reserve was a private bank (with the implication it was that it was manipulating the American and, by default, the world economy to the advantage of the owners ... Jews! perhaps) and nothing I could say would dissuade him of that.    He had heard it from a 'reliable' source.  

And silly old me thought the members of the Board were nominated by the President and confirmed by the Senate.

Seems like Focus NZL and the Conservatives have something in common with regard to 'conspiracy theories' .



7 comments:

Watcher said...

I believe a lot of people are awaiting the "no vote" party.
The one that disappears at the end of the election and has no need to sup at the taxpayer trough.

The Veteran said...

I suspect that Focus NZL will fall into that category.

Anonymous said...

Your informant is partly right. The Federal Reserve is a creation of statute and subject to political oversight but owned by the banks.

If you took the advice of a notable American and followed the money would you conclude that the Fed acted in the public interest or saved the banks from their own folly?

The Veteran said...

Anon ... 'owned' as in nationally chartered banks are required to hold stock in the Federal Reserve Bank of their region. In return they are entitled to elect some members of the board of their regional bank and receive a dividend of 6% which is set in statute.

The authority of the Federal Reserve System is derived from statutes enacted by the U.S. Congress and the System is subject to congressional oversight.

The members of the Board of Governors, including its chair and vice-chair, are chosen by the President and confirmed by the Senate. The federal government sets the salaries of the Board's seven governors.

Thus the Federal Reserve system has both public and private aspects. The U.S. Government receives all of the system's annual profits, after a statutory dividend of 6% on member banks' capital investment is paid, and an account surplus is maintained.

But 'owned' as in controlled ... not right.

Frank Davis said...

The Federal Open Market Committee (FOMC) consists of twelve members--the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis. The rotating seats are filled from the following four groups of Banks, one Bank president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco. Nonvoting Reserve Bank presidents attend the meetings of the Committee, participate in the discussions, and contribute to the Committee's assessment of the economy and policy options.
Suggest you read "the Creature from Jekyll Island by G E Griffin to be better informed

The Veteran said...

Frank ... the FOMC ain't the Board and 7/12 means the Board has a controlling interest in the FOMC.

crictime said...

Hello :)
hope you are fine
i really did not know that