Duration: 00:32:07
Topic: I look at whether or not “central banks” are privately or publicly owned. Truth is that most central banks are wholly state-owned and state-controlled non-profits who have a monopoly on money printing powers. Even the ones that have a private dimension, like the US Fed and Bank of Italy, are little more than public-private partnerships that are also publicly controlled non-profits who deliver the vast bulk of their profits back to the government. Some of these state-controlled banks are “independent,” meaning their power is separated from other branches of the state, which is not the same thing as private. The judicial branches of most states are also independent from other branches of the state, that doesn’t make them “private”. The people who falsely believe these banks are “private” demand something we already have (state-run central banks). Socialists and Keynesians support central banks, not free marketers.
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“An often overlooked aspect of John F. Kennedy’s attempt to reform American society involves money. Kennedy apparently reasoned that by returning to the Constitution, which states that only Congress shall coin and regulate money, the soaring national debt could be reduced by not paying interest to the bankers of the Federal Reserve System, who print paper money then loan it to the government at interest. He moved in this area on June 4, 1963, by signing Executive Order 11110 which called for the issuance of $4,292,893,815 in United States Notes through the U.S. Treasury rather than the traditional Federal Reserve System. Mr. Kennedy’s order gave the Treasury the power “to issue silver certificates backed against any silver bullion, silver, or standard silver dollars in the Treasury, unlike the Federal Reserve note. That same day, Kennedy signed a bill changing the backing of one and two dollar bills from silver to gold, adding strength to the weakened U.S. currency.” Kennedy was assassinated five months later, and five months after his death no more silver certificates were issued, or ordered by any president since.
“Woodrow Wilson signed the 1913 Federal Reserve Act. A few years later he wrote: “I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world”. (Reflection, by J. Guzziferno)
(There are many more references documented)
The question in the political philosophy issue is whether the control of money (regardless of where it sits) is in the hands of men who support and advocate “socialist central government” or primarily in the hands of financially powerful oligarchs intertwined and using the power and positions of federal government. How much levels of truth is public for our viewing?
That Kennedy myth is debunked here. Kennedy was a supporter of the Federal Reserve system, that order about silver certificates has been completely warped by conspiracy dorks.
“E.O. 11,110 did not create authority to issue new silver certificates, it only affected who could give the order. The purpose of the order was to facilitate the REDUCTION of certificates in circulation, not to increase them. In October 1964 the Treasury ceased issuing them entirely. The Coinage Act of 1965 (PL 89-81) ended the practice of using silver in most U.S. coins, and in 1968 Congress ended the redeemability of silver certificates (PL 90-29). E.O. 11,110 WAS NEVER REVERSED by President Johnson and remained on the books until 1987 when there was a general cleaning-up of executive orders (E.O. 12,608, 9/9/87). However, by this time the remaining legislative authority behind E.O. 11,110 had been repealed by Congress with PL 97-258 in 1982.2 In summary, E.O. 11,110 did not create new authority to issue additional silver certificates. In fact, its intention was to ease the process for their removal so that small denomination Federal Reserve Notes could replace them in accordance with a law Kennedy himself signed. If Kennedy had really sought to reduce Federal Reserve power, then why did he sign a bill that gave the Fed still more power?”
https://famguardian.org/Subjects/MoneyBanking/FederalReserve/FRconspire/jfk.htm
You already have a socialized central bank in the Federal Reserve, that delivers over 90% of its profits to the US Treasury every year.
“The Federal Reserve System certainly makes large profits. According to the Board’s 1999 Annual Report, the System had net income totaling $26.2 billion, which would qualify it as one of the most profitable companies in the world if the System were a typical corporation. How were these profits distributed? $342 million, or 1.4% of the profits, were paid to member banks as dividends. Another $479 million, or 1.8%, was retained by the 12 Reserve Banks. The balance of $25.4 billion — or 96.9% of the profits — was paid to the Treasury. Obviously, Schauf’s statement that the member banks are getting “billions” in dividends every year is absurd. In addition, the Fed has been rebating its profits to the Treasury since 1947.” https://famguardian.org/Subjects/MoneyBanking/FederalReserve/FRconspire/own.htm
US Fed delivers profits to the US Treasury
https://www.nytimes.com/2018/01/10/business/fed-profits-treasury-2017.html
You socialists have a complete misunderstanding of central banking, we ALREADY HAVE what you want in virtually every country on earth (state owned or state controlled central bank).
question is really who is we? speculation speculation