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Posts Tagged ‘Board of Governors’

Ben Bernanke, chairman of the Board of Governo...

On February 6, 2006, Ben Bernanke took an oath to the Constitution at his swearing-in ceremony as Chairman of the Board of Governors of the Federal Reserve System:

From C-SPAN’s video and transcript:

RAISE YOUR RIGHT HAND AND REPEAT AFTER ME. I, BEN F. BERNANKE, DO SOLEMNLY SWEAR THAT I WILL SUPPORT AND DEFEND THE CONSTITUTION OF THE UNITED STATES

The significance of this is that as a federal officer, despite being the front man for a privately owned cartel, he can be prosecuted for any violations of the Constitution that he swore to uphold.

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In the latest example of Gary North’s growing list of outlandish claims for this year alone, on November 26, he took exception with Ellen Brown saying that the Federal Reserve is private.

From the cartoon video he produced of a “fantasy interview with her over QE2”:

North: But in your book, you wrote that the Federal Reserve System is a private agency.
Brown: That is correct, it is a private agency.
North: But the Board of Governors of the Federal Reserve is an agency of the federal government. Only the regional banks are private. That is what the law says.

Indeed, the Board of Governors isn’t private, but the ownership of the system is, as can be seen from the Act that created it as shown on their own site, and to insist the system isn’t private is to feed right into the hands of the banksters who instigated its creation and structure to confuse and fool the average American.

For an excellent explanation of how the Federal Reserve was deliberately structured to deceive the American people, watch this series of videos with G. Edward Griffin discussing his book, The Creature from Jekyll Island.

A summary is that they called it federal to give the false impression it was a government institution and not privately owned and operated primarily for private interests. They added the word reserve to fool the people into thinking their money was backed by reserves, and they called it a system instead of a central bank because the people were rightfully wary of a yet another failed private central bank after the first two had their charters terminated.

For North’s other outlandish claims this year, read my October 9, 2010 article, Cheerleader for Bankster Economics.

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