Here's a good explanation of those who "own" and how they "profit" from The Fed:
THE FED NOW OWNS THE WORLD’S
LARGEST INSURANCE COMPANY --
BUT WHO OWNS THE FED?Ellen Brown, October 7th, 2008
EXCERPT...
Not Private and Not for Profit? The Fed’s website insists that it is not a private corporation, is not operated for profit, and is not funded by Congress. But is that true? The Federal Reserve was set up in 1913 as a “lender of last resort” to backstop bank runs, following a particularly bad bank panic in 1907. The Fed’s mandate was then and continues to be to keep the private banking system intact; and that means keeping intact the system’s most valuable asset, a monopoly on creating the national money supply. Except for coins, every dollar in circulation is now created privately as a debt to the Federal Reserve or the banking system it heads.4 The Fed’s website attempts to gloss over its role as chief defender and protector of this private banking club, but let’s take a closer look. The website states:
* “The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation’s central banking system, are organized much like private corporations – possibly leading to some confusion about “ownership.” For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.”
* “(The Federal Reserve) is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms.”
* “The Federal Reserve’s income is derived primarily from the interest on U.S. government securities that it has acquired through open market operations. . . . After paying its expenses, the Federal Reserve turns the rest of its earnings over to the U.S. Treasury.”5
CONTINUED...
http://www.webofdebt.com/articles/time_to_buy_the_fed.php So, a banking system run of the bankers, by the banker, and for the bankers will benefit the People. Right. OK. It's really working. Ask Timmy Geithner.
PS: Thank you for remembering me, lonestarnot. Ny Friend, you never have to ask to spread truth. Truth be told, the second I saw the subject line I thought of linking to that source. LOLABFEE.
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