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| *Loan,banking and credit>>>income tax |
Did you know that foreign countries own the Federal Reserve and ALL your income taxes pay interest charged? |
No Congress, no President has been strong enough to stand up to the foreign-controlled Federal Reserve Bank. Yet President Kennedy recognized one catch before he was slain - the original deal in 1913 creating the Federal Reserve Bank had a simple backout clause. The investors loaned the United States Government $1 billion. And the backout clause allows the United States to buy out the system for that $1 billion. If the Federal Reserve Bank were demolished and the Congress of the United States took control of the currency, as required in the Constitution, the National Debt would virtually end overnight, and the need for more taxes and even the income tax, itself. Thomas Jefferson made an early warning, "If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children are homeless." Thoughts?? It's total nonsense propagated by fringe web sites. I invite you to check on the facts yourself. - Regarding ownership of the Fed - To claim it is 100% privately owned does not recognize that it is headed by a government agency. The Federal Reserve System is organized with a government agency at the top (the Board of Governors), and branches beneath them that resemble private corporations. (http://www.federalreserveeducation.org/f... ) The Board of Governors are all appointed for 14-year terms by the president and confirmed by congress. It operates per it's charter and laws set by congress. it is overseen by congress. There is no structure or mechanism for private ownership at this level. Board members are forbidden by law to have any economic interest in a private bank. The 12 branches, however, are organized similar to private corporations. Member banks are required to buy shares in their branch. They can vote for 6 of their 9 board members. The shares get a standard 6% dividend. These shares cannot be sold on the open market. All 'profit' from the Federal Reserve branches are turned over to the Treasury at the end of the year. Are the Fed branches privately owned? The Fed says 'No' (ref http://www.federalreserve.gov/generalinf... ). Courts have ruled that it can be treated as a private corporation for purposes of tort law. - So who owns the branch shares? Actually it is very easy to figure out. The law says that member banks must purchase shares based on their size. So the biggest banks have the most shares. The three biggest U.S. banks are: (ref: http://www.gfmag.com/2004/oct/c_ci/fe_ar... - Citigroup - JPMorgan - Bank of America And who are the biggest stockholers of the banks that own the shares? That's easy to find out since it is public information. - Citigroup (ref: http://finance.yahoo.com/q/mh?s=c... ) --- Barclays (4.5%) --- Capital Research and Management (3.8%) --- AXA (3.4%) --- Largest individual shareholder: Sanford Weill (0.3%) - JPMorgan (ref: http://finance.yahoo.com/q/mh?s=jpm... ) --- Barclays (5.0%) --- State Street Corporatoon (3.1%) --- AXA (4.6%) --- Largest individual shareholder: James Dimon (0.08%) - Bank of America --- Barclays (4.8%) --- Fidelity Management and Research (3.4%) --- State Street Corporatoon (3.1%) --- Largest individual shareholder: Kenneth Lewis (0.04%) - All income tax goes to the Fed? This is one of the most preposterous and easily disproven fringe theory. Revenue from income taxes: $809B (ref: http://www.publicagenda.org/issues/factf... % of U.S. Debt owned by the Fed: 17% Budget of the Federal Reserve: $2.9B (Ref: http://www.federalreserve.gov/generalinf... By law, all 'profit' (including debt interest) is returned to the Treasury at the end of the year. Since 1913, the Fed has returned about 95% of the interest earned on debt. - Backout clause? How silly. Congress can abolish or restructure the Fed anytime by just pass a law. Here is the Fed Res Act: http://www.federalreserve.gov/generalinf... . See if you can find it. I find it interesting that you make this proclamation but do not mention who the foreign countries are. It's not a challenge, just a request for information. Having that said, the U.S. has had a national debt even before 1913, ever since the Jackson administration, so I doubt that shutting down the Federal Reserve would eliminate it, just simply redirect it. Also, the income tax predates the Federal Reserve as well, dating back to the Civil War, and given that duties on foreign imports are being reduced to generate free trade, the income tax is very highly needed to maintain government and the services it provides. Some other thoughts on a private banks and currency: Jefferson isn't necessarily the best person to reference in regard to economics, given that his ideal society was more agrarian than urban. Regardless, currency has always been connected with private banks. The difference today is that it goes through a single financial institution, so I do not have to worry if currency from one bank or another is any good. In terms of the government's direct role, it is constitutionally the sole source of coinage. Paper money comes from the Bureau of Engraving and Printing, an independent agency within the Treasury Department, but they simply meet the supply of money that the Fed sets. Also, credit and debit cards, bank cheques, etc. are in the hands of banks, which used to have them based on precious metals but since the Nixon Administration has been simply on the full faith and credit of the government. I'm not disagreeing with your comments on the potential consequences of the Federal Reserve System. After all, the gap between rich and poor does seem to widen all the time. I myself worry about the national debt and the potential of crushing interest payments. I am simply sceptical that the proposal made will be of any good. Knowledge of U.S. financial history and my opinions on it. So you basically want the U.S. to default on his debt? You want the U.S. to pay off it's nearly $9 trillion in debt with $1 billion by using this backout clause. Basically default on our loan commitments. It sounds like a great idea, as long as you want to make the entire world angry. We could be more hated around the world than right now. How would you like it if I borrowed a $9,000 from you... And I decide to only give you $1 back. You wouldn't be very happy, would you? Would you ever loan me money again? And if the U.S. defaulted on their loans, then why wouldn't every country default too? Then this global economic system would be useless, and we'll go back to a couple hundred years ago... When countries would colonize other areas to get their resources. If I remember right, Medicaid is the biggest government expense, and interest on the national debt is number four. Thomas Jefferson was a wise Anti-Federalist, if a little extreme. |
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