01-29-2009, 10:03 PM
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not antifa
Industry Role:
Join Date: Dec 2008
Location: invisible GNC
Posts: 67,877
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Quote:
Originally Posted by RogerV
how is that did you read it.
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wow, just wow. you didn't even finish reading the article then come back here and tell me i didn't read it. laughable.
just more proof of the stupidity of people- and the laziness. it's not my job to teach people how to read, do research and have common sense.
from the conclusion (the part you got too lazy to get to)
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Mullins and Kah both argue that by controlling the New York Federal Reserve Bank, the international banking elite command the entire Federal Reserve System and thus direct U.S. monetary policy for their own profit. ?For all practical purposes,? Kah writes, ?the Federal Reserve Bank of New York is the Federal Reserve? (Kah, p.13; emphasis his). This is the linchpin of their conspiracy theory because it provides the mechanism by which the international bankers can execute their plans. A brief look at how the Fed?s powers are actually distributed shows that this key assumption in the conspiracy theory is wrong.
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The Federal Reserve System is controlled not by the New York Federal Reserve Bank, but by the Board of Governors (the Board) and the Federal Open Market Committee (FOMC). The Board is a seven-member panel appointed by the President and approved by the Senate. It determines the interest rate for loans to commercial banks and thrifts, selects the required reserve ratio which determines how much of customer deposits a bank must keep on hand (a factor that significantly affects a bank?s ability create new credit), and also decides how much new currency Federal Reserve Banks may issue each year (12 USCA §248). The FOMC consists of the members of the Board, the president of the New York Fed, and four presidents from other regional Federal Reserve Banks. It formulates open market policy which determines how much in government bonds the Fed Banks may buy or sell ? the major tool of monetary policy (12 USCA §263).
The key point is that a Federal Reserve Bank cannot change its discount rate or required reserve ratio, issue additional currency, or purchase government bonds without the explicit approval of either the Board or the FOMC. The New York Federal Reserve Bank, through its direct and permanent representation on the FOMC, has more say on monetary policy than any other Federal Reserve Bank, but it still only has one vote of twelve on the FOMC and no say at all in setting the discount rate or the required reserve ratio. If it wanted monetary policy to go in one direction, while the Board and the rest of the FOMC wanted policy to go another, then the New York Fed would be out-voted. The powers over U.S. monetary policy rest firmly with the publicly-appointed Board of Governors and the Federal Open Market Committee, not with the New York Federal Reserve Bank or a group of international conspirators.
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Mullins also made a great to-do about the Federal Advisory Council. This is a panel of twelve representatives appointed by the board of directors of each Fed Bank. The Council meets at least four times each year with the members of the Board to give them their advice and to discuss general economic conditions (12 USCA §261). Many of the members have been bankers, a point not at all missed by Mullins. He speculates that this Council of bankers is able to force its will on the Board of Governors:
The claim that the ?advice? of the council members is not binding on the Governors or that it carries no weight is to claim that four times a year, twelve of the most influential bankers in the United States take time from their work to travel to Washington to meet with the Federal Reserve Board merely to drink coffee and exchange pleasantries (Mullins, p. 45).
A point Mullins neglects entirely is that the Council has no voting power in Board meetings, and thus has no direct input into monetary policy. In support of his hypothesis Mullins offers no evidence, not even an anecdote. Moreover, his Council theory is inconsistent with his general thesis that the London Connection runs the Federal Reserve System via their imagined control of the N.Y. Fed. If this were true, then why would they also need the Council?
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The allegation that an international banking cartel controls the Federal Reserve is wrong. Contrary to Kah?s claim, foreigners do not own any stock in the New York Federal Reserve Bank. Neither do they currently own any significant shares of the domestic banks that actually do own shares in the N.Y. Fed. Moreover, the central assumption that control of the New York Federal Reserve is the same as control of the whole System is badly mistaken. Also, the profits of the Federal Reserve System, again contrary to the conspiracy theorists, are funneled almost entirely back to the federal government, not to an international banking elite. If the U.S. central bank is in the grip of an international conspiracy, then Mullins, Kah, et al have certainly not uncovered it.
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