Federal Reserve System - Wikipedia, the free encyclopedia
"The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act, it is a quasi-public (government entity with private components) banking system that comprises (1) the presidentially appointed Board of Governors of the Federal Reserve System in Washington, D.C.; (2) the Federal Open Market Committee; (3) twelve regional Federal Reserve Banks located in major cities throughout the nation acting as fiscal agents for the U.S. Treasury, each with its own nine-member board of directors; (4) numerous private U.S. member banks, which subscribe to required amounts of non-transferable stock in their regional Federal Reserve Banks; and (5) various advisory councils. As of February 2006, Ben Bernanke serves as the Chairman of the Board of Governors of the Federal Reserve System. Donald Kohn is the current Vice Chairman of the Board of Governors of the Federal Reserve System. ..."
Articles
Statement on Federal Reserve Board Abolition Act, by Ron Paul, 3 Feb 2009
Speech before the U.S. House of Representatives
"Madame Speaker, I rise to introduce legislation to restore financial stability to America's economy by abolishing the Federal Reserve. Since the creation of the Federal Reserve, middle and working-class Americans hae been victimized by a boom-and-bust monetary policy. In addition, most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve's inflationary policies. This represents a real, if hidden, tax imposed on the American people."
Speech before the U.S. House of Representatives
"Madame Speaker, I rise to introduce legislation to restore financial stability to America's economy by abolishing the Federal Reserve. Since the creation of the Federal Reserve, middle and working-class Americans hae been victimized by a boom-and-bust monetary policy. In addition, most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve's inflationary policies. This represents a real, if hidden, tax imposed on the American people."
The Banker's Bank, by Sheldon Richman, 8 May 2009
Reviews the pre-history of the Federal Reserve and its origins in the Progressive Era
"There has hardly ever been anything we could call genuine free banking in America, even when a gold standard was in effect. States and the national government regulated the banks ... So, concerned about 'inelasticity' and the rivalry of state and private banks and private trust companies, the national banks (Wall Street), led by J. P Morgan, turned their attention at the end of the nineteenth century to the establishment of a central bank."
Reviews the pre-history of the Federal Reserve and its origins in the Progressive Era
"There has hardly ever been anything we could call genuine free banking in America, even when a gold standard was in effect. States and the national government regulated the banks ... So, concerned about 'inelasticity' and the rivalry of state and private banks and private trust companies, the national banks (Wall Street), led by J. P Morgan, turned their attention at the end of the nineteenth century to the establishment of a central bank."
Economic Fascism and the Bailout Economy, by Gary North, 7 Feb 2009
Related Topics: Fascism
Discusses the fascist roots of the U.S. political system and events since September 2008 to extend government control of private institutions
"At the very core of the free-market economy, as Mises said in 1912, is the monetary system. That system is now completely and openly run by a cartel that is now trapped by the Federal government. The Federal Reserve System is soon going to have to bail out the Federal government. The Federal government is bailing out the commercial banks, and if the Federal government cannot bail out the banks, the Federal Reserve has got to do it directly."
Related Topics: Fascism
Discusses the fascist roots of the U.S. political system and events since September 2008 to extend government control of private institutions
"At the very core of the free-market economy, as Mises said in 1912, is the monetary system. That system is now completely and openly run by a cartel that is now trapped by the Federal government. The Federal Reserve System is soon going to have to bail out the Federal government. The Federal government is bailing out the commercial banks, and if the Federal government cannot bail out the banks, the Federal Reserve has got to do it directly."
Synchronized Boom, Synchronized Bust: Bad U.S. monetary policy had global consequences, by Marc Faber, The Wall Street Journal, 18 Feb 2009
Related Topics: The Free Market
Examines how the latest boom/bust cycle came into being and allegations that it was a "free market" failure
"Following the March 2000 Nasdaq bust, the Federal Reserve began to slash the fed-funds rate from 6.5% in January 2001 to 1.75% by year-end and then to 1% in 2003. (This despite the fact that officially the U.S. economy had begun to recover in November 2001). Almost three years into the economic expansion, the Fed began to increase the fed-funds rate in baby steps beginning June 2004 from 1% to 5.25% in August 2006."
Related Topics: The Free Market
Examines how the latest boom/bust cycle came into being and allegations that it was a "free market" failure
"Following the March 2000 Nasdaq bust, the Federal Reserve began to slash the fed-funds rate from 6.5% in January 2001 to 1.75% by year-end and then to 1% in 2003. (This despite the fact that officially the U.S. economy had begun to recover in November 2001). Almost three years into the economic expansion, the Fed began to increase the fed-funds rate in baby steps beginning June 2004 from 1% to 5.25% in August 2006."
The End of Dollar Hegemony, by Ron Paul, 15 Feb 2006
Related Topics: Money, Gold Standard, Imperialism, Inflation
Speech before the U.S. House of Representatives, explaining how the U.S. dollar became accepted as the world's reserve currency
"Congress created the Federal Reserve System in 1913. Between then and 1971 the principle of sound money was systematically undermined. Between 1913 and 1971, the Federal Reserve found it much easier to expand the money supply at will for financing war or manipulating the economy with little resistance from Congress-- while benefiting the special interests that influence government."
Related Topics: Money, Gold Standard, Imperialism, Inflation
Speech before the U.S. House of Representatives, explaining how the U.S. dollar became accepted as the world's reserve currency
"Congress created the Federal Reserve System in 1913. Between then and 1971 the principle of sound money was systematically undermined. Between 1913 and 1971, the Federal Reserve found it much easier to expand the money supply at will for financing war or manipulating the economy with little resistance from Congress-- while benefiting the special interests that influence government."
Videos
Is Anyone Minding the Store at the Federal Reserve?, 6 May 2009
U.S. Representative Alan Grayson (D-FL) asks Elizabeth Coleman, Inspector General of the Federal Reserve, about the $9 trillion credit extension by the Fed, reported by Bloomberg
Money, Banking and the Federal Reserve, by Ludwig von Mises Institute, 1996
Related Topics: Banking, Money, Ron Paul, Llewellyn H. Rockwell, Jr., Murray N. Rothbard, Joseph T. Salerno
Explains the origins of money and banking, how and why the Federal Reserve was created and the effects it has had on society. Dedicated to Murray Rothbard.