Do you really own your AGE's and other government issued bullion??

http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm

"the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute."

 

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Depends?

I own my car but there sure seem to be a lot of rules about what I can do with it in public places.

 

Of course they are, and I never said they could not be. Also the very first thing I said was the reason the FR was created, was to allow the government to avoid Constitutional restrictions on money. Congress created the Federal Reserve and it has the legal power to dissolve it. What I did say is that the Federal Reserve was created by Congress as a private corporation that as currently designed, is not subject to oversight. In other words, to perform, say an audit, they have to pass a bill through congress. Most of the FRs actions are exempt from the Freedom of Information Act which can be again overridden by Congress if they can manage to pass a bill to do so. The point being, and my response was due to the claim the FR was a government agency, it is exempt from all the legal restrictions on government agencies by design.

 

It is true. Please try not to put out misinformation.

 

hmmm interesting.

 

I didn't. Since you contend that I am wrong, then prove it.

 

http://www.federalreserve.gov/monetarypolicy/bst_oversight.htm

"The Federal Reserve is subject to oversight by Congress. Board governors and staff testify before Congress frequently to discuss issues within the Federal Reserve's purview. For example, in 2008, governors and Board staff testified 35 times before Congress. During the first quarter of 2009, governors and staff have testified 12 times. Board staff also meet with Congressional staff to brief them on topics related to the Federal Reserve's operations and future direction."

"The Government Accountability Office (GAO) has broad authority to review and audit Federal Reserve activities...As of March 31, 2009, there were 20 GAO engagements underway, 17 of which were initiated by Congress. During 2008, the GAO completed 15 similar engagements."

 

Sure, but testifying at congress isn't oversight. One more time, the Federal Reserve was designed specifically not to have it's monetary operations subject to Congressional oversight. I realize this it difficult to understand, but the Federal Reserve has published a paper on it. The relevant part is here:

The dictionary defines independence as being free from the influence, guidance, or control of another or others. As applied to central banks, that translates into being free from the influence, guidance, or control of the rest of government, meaning both the executive and legislative branches in the United States. The relevant article is http://www.federalreserve.gov/boarddocs/speeches/2000/20001024.htm

​

Notice that he did not mention the Judicial branch, because Congress can't create an institution that is not subject to the decisions of the Judicial branch of congress. So practice has been over the decades, as I said earlier, to avoid having any monetary legislation tested in the court system. As I also said earlier, Congress has ultimate authority over the FR as they can dissolve it. But they have no intention of doing so because it allows them to avoid the restrictions of the US Constitution over money.

At the moment, the GAO can't audit the monetary operations and decisions of the Federal Reserve. What you posted is not the same thing. There was an attempt to put a provision into the Financial Reform act to allow the GAO to audit the fed, but it was eventually stripped out (Dodd and Frank didn't want it there), and instead what was decided was a one time audit over decisions made 6 months prior.

 

I know that your new here on cointalk, so your not aware that we cover this about every month or so. I don't need to prove the Fed is a Government Agency any more than I have already done so about 40 times in the past. But even if you review your own post, it will be clear that the Fed is 100% a government agency. Private organizations CAN NOT be created by Congress. Your post is so confused, that it would take months to detangle the multiple levels of misconceptions and suspensions that your espousing here, and THEN it would take a few more months to to get you to accept the facts.

We are not obligated to you to make that kind of time. The Fed is a Government Agency, create by Congress. No matter how often you repeat that it isn't, that will not change the fact that every employee for the Fed is a Government worker, from the Head down to the file clerks.

 

Are we spinning "out of control" yet? I mean its "inevitable". These posts are almost as dangerous as buying a 100 oz silver bar from a 76 year-old Korean war veteran in front of a small town mid-Michigan bank in broad daylight. I mean, this post is CRAZY.

 

http://www.federalreserve.gov/moneta..._oversight.htm

"The Federal Reserve is subject to oversight by Congress."

 

This comment is nothing more than an attempt to cast credibility questions on me rather than to discuss the point made. Sure if most people knew and understood the true role of the Federal Reserve, as I have posted it and have not yet seen disproven, they supply of gold & silver in the USA would dry up overnight. I didn't say you had any obligations to me. However IF you decide declare that someone is posting "misinformation" then you really ought to have some tangible proof, other than opinion, to back it up. Otherwise the only credibility brought into question is yours.

 

Whatever. The Federal Reserve though is a Federal Agency and it would appreciated if you didn't post misinformation.

 

Here - you can read it on the internet

http://www.mrbrklyn.com/fed_is_gov_agency.html

 

It certainly seems that you've spun out of control as you've stopped discussing the OP and begun pouting about a different thread where some of the same members here differed with you there and again here.

 

Let's review the paper you cite:

'"Independence" does not mean literally independence from government, because central banks here and abroad are almost always part of government. '

"Most central banks have specific legislative mandates and therefore do not have goal independence. "

"As I noted earlier, the Federal Reserve's independence is a product of congressional legislation and can therefore be diminished at the will of the Congress (with the President's approval and subject to override of any veto). The Congress must have such authority of its oversight of the Federal Reserve is to be credible and effective..., it ensures that the Federal Reserve is extremely respectful of the oversight authority of the Congress and provides some leverage for congressional influence on the conduct of monetary policy. "

"Perhaps most important, the Congress has set the goals for monetary policy in law. In addition, the Senate confirms nominees to the Board of Governors, and individual Senators can hold up Board member confirmations in an attempt to influence policy and appointments. The Congress can, if it decides, pass legislation that directly requires a specific monetary policy action. The Congress can threaten to change the structure of the Federal Reserve--abolish the Federal Reserve at the extreme, or specify particular qualifications for Board members, or alter the composition of the FOMC--in an attempt to influence monetary policy. The Congress can demand an accounting of policy by summoning the Chairman, Board members, and Reserve Bank presidents to congressional hearings, in addition to the formal semiannual testimonies by the Chairman. "​

 

http://lmgtfy.com/?q=is+the+Fed+is+a+Government+Agency%3F

 

Thank you for the clarification. I'll bookmark it for future referenc.

 

Eh, I couldn't resist. Besides, if it's on the internet, then it must be true.