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Chess Forum - Audit the Federal Reserve

Player: Bouvet  Harry Pillsbury Subject: Audit the Federal Reserve


2009-09-02 08:51:49
I\'m studying business at university and we I\'ve talked to a couple of students my senior who are finance majors. They were basically saying that the Fed, America\'s central bank, is a private corporation that owes no allegiance to the country, the people, or the government. I scheduled an appointment with my professor and asked him and he said \"the Fed is not part of the government.\" I\'m wondering what everyone else thinks because many actually believe the Fed is helping us recover from this financial crisis, but they\'re the ones responsible for it. It\'s kind of hard to believe that a bunch of rich, fat white men who sit in air conditioned rooms and serve the majority of the country. If the minority controls the volume of money in the economy, they control the entire country. It\'s not just America\'s central bank, it\'s every other bank in the world. The only countries in the world without a private central bank are North Korea, Afghanistan(Iraq now does after the U.S. instituted \"democracy\" by slaughtering women and kids) and Iran. Doesn\'t that sound familiar? All the countries Bush mentioned as part of the \"axis of evil\" don\'t have a private central bank. That\'s why we\'re invading Afghanistan next. What\'s really sick is Obama ran a campaign claiming to end the war in Iraq. WE\'RE STILL IN IRAQ AND NOW ARE IN THE PROCESS OF INVADING AFGHANISTAN!!! The point is a world government with a single currency that is worth less than the paper it\'s printed on.-
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1United  Sir_Humphrey2009-09-02 09:05:36
Oh, hello there! Are you in some way related to Milan1986 who came up with the same questions some months ago here? That one did not end well.-

2Canada  FrippezMonTchu2009-09-02 11:17:51
That one might border on political debate....for all I care.-

3Canada  FrippezMonTchu2009-09-02 11:18:53
...although I find it to be a very interesting subject.-

4England  cc1422628553ChessHere Moderator2009-09-02 11:21:48
Stay away from high buildings Harry.-

5Australia  cc12636365042009-09-02 11:39:07
seconded. Harry, this is a subject full of spikes. yes, the Federal Reserve isn\'t part of the US government. It does print and issue the US dollars, and controls the US dollar exchange rate. You could say it is directly responsible for the state the US is in(logically enough) as of the time of it\'s inception. It is the organization under which banner the IRS collects taxes. So, as you can very well see, each one is as legal as the other. As to what they have done since they were founded in 1913 and 1914, it\'d do very well to leave them out of this forum.-

6Bouvet  Harry Pillsbury2009-09-03 12:44:55
I don\'t think it\'s a political topic because I\'m not lying, cheating and stealing from you guys. That\'s the politician\'s job. I\'m trying to find one person who can refute the fact that the world\'s central banks are controlled by a minority that sets the prices, interest rates and money supply of the whole world. Then they tax our income by 35%(think about it, if you work 12 months, 4 out of those months you work just to pay taxes) and call it democracy. The last time I checked, democracy means \"rule by the people.\" I don\'t even know if you guys understand the severity of it. Since its inception the Fed has not been audited once. Don\'t you wonder why not? An audit is a financial inspection by an unbiased third party of the profits of a firm. The reason the Fed cannot be audited is because it\'s private. The profits they make are astronomical because they charge interest on every dollar borrowed. We borrow money from a bank that\'s supposed to help us out. That\'s why America\'s debt level is above 10 trillion dollars right now. The point is not for us to repay them the loan but for them to make a system of inextinguishable debts whereby everyone becomes a slave of the system.-

7Canada  FrippezMonTchu2009-09-03 13:05:06
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8Australia  cc12636365042009-09-03 13:22:54
Tell me about it. Tell me something I don\'t know. This is not a good place for this debate. Take my word on it.-

9International  Rkm2622009-09-03 21:58:01
-

10United  Sir_Humphrey2009-09-04 00:02:24
\'I\'m trying to find one person who can refute the fact that the world\\\'s central banks are controlled by a minority that sets the prices, interest rates and money supply of the whole world.\' Prices - no; interest rates - partly; money supply - yes. So, this is partly true although I do not understand your point - every developed country has it\'s own Central Bank. Most of them are independent of one another (not quite in EU, but it\'s another story). Do you claim they all are controlled by Fed. or the mysterious private bankers behind it? \'Then they tax our income by 35% [..]\' Who are they? Last I checked, fiscal policy was in the hands of the governments, not the central banks. You are wrong here. Or did you again mean, that all this is controlled by the private bank conspirators behind the curtain? \'[..] and call it democracy.\" What does this have to do with taxes? \'Since its inception the Fed has not been audited once.\' That is simply not true. FED is audited every year. \'The reason the Fed cannot be audited is because it\\\'s private.\' That is not true on both counts - 1) Fed is NOT private; 2) private companies get audited. \'The profits they make are astronomical because they charge interest on every dollar borrowed.\' That is nonsense. Fed is non-profit. It returns all it\'s net \'profit\' to the Treasury every year. \'That\\\'s why America\\\'s debt level is above 10 trillion dollars right now.\' No, it\'s so high due to U.S. fiscal policy and some foreign spending (see - War!). Half of it is indeed \'owned\' by the Fed. But it is the way the money gets injected in the economy - Treasury issues notes, bonds and bills, Fed \'buys\' them, thus injecting cash into the economy. Fed does not make profit of this, as said before - it\'s a non-profit organization and returns all it\'s net profit to the Treasury. \'The point is not for us to repay them the loan [..]\' Again - who are they? Be explicit, please.-

11Australia  cc12636365042009-09-04 00:26:06
When one does not have data, one goes and finds more data. Sounds like you should do that. The Federal Reserve, IRS,US & World economy the workings of the media and Wall Street, are what could be appropriately called, an open secret. Those who don\'t know about them need not be told. If you don\'t know, well, that\'s just too bad. You should go ahead and satisfy your own curiosity. You will be very amply rewarded-but more than likely not by means of data transmitted you from this site, as the questions you ask are rather insensitively asked and you are being unduly tactly.-

12United  Sir_Humphrey2009-09-04 01:40:09
Missionlmp, who are you talking to?-

13Canada  FrippezMonTchu2009-09-04 02:41:01
I had an economy professor tell me that jails are built to make believe that the ones on the outside are honest. This is why they put the likes of Madoff in jail. -

14Canada  FrippezMonTchu2009-09-04 02:41:58
He Made-off with a lot of money.-

15Canada  FrippezMonTchu2009-09-04 04:25:39
Sir Humphrey; he is talking to himself. Sometimes he needs expert advice.-

16England  cc1422628553ChessHere Moderator2009-09-04 11:43:08
You sound rather naive for a business student Harry. Write to the Fed and ask them how they work. I`m sure they would give a university graduate the info you need so that you can fit into the system. Turning it into a pub debate wont get you far.-

17International  Rkm2622009-09-04 12:46:42
LOL... frippez-

18Europian  cc13741628192009-09-05 07:17:30
lol extopian-

19Netherlands  Yenman2009-09-06 07:15:44
Harry is brainwashed by the \"documentary\" Zeitgeist. Indeed, a business student should know better.-

20Australia  cc12636365042009-09-07 11:44:14
I meant the Harry guy. I don\'t believe the professor told him what he says he did, or the professor\'d have lost his job. I was also referring to Sir Humphrey. It\'s an amusing anecdote that you can\'t discuss the workings of the world economy and the Federal Reserve at this forum. Nevertheless, i don\'t think it is possible. It\'d be too inflammatory an issue to discuss here and it is open to much debate. Whoever is interested should dig up info on it.-

21Canada  FrippezMonTchu2009-09-07 16:27:14
The professor would have lost his jobHummJust one question: \"Is the federal reserve also running this site\"-

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