Feeds:
Posts
Comments

Posts Tagged ‘charter’

Federal Reserve BoardNote: This is based on this article I posted on April 21, 2012, with the exception that it was about the 99-year charter misinformation, and I have substituted 100-year, which is the alternative misinformation that some people were spreading in 2013 even after the 99-year charter claim had been shown to be false.

There was actually a commenter who alleged a coverup on the part of the Federal Reserve, saying they were lying about there not being a 99-year charter. This is unfortunately not uncommon in what passes for the alternative media these days. It’s not because the Federal Reserve’s website says there was originally a 20-year charter that I say there was a 20-year charter. It’s because there are a variety of historical sources that say so, some of which are non-governmental, and not supporters of the Fed.

The claim that the Federal Reserve was given a 100-year charter set to expire in 2013 isn’t the only myth surrounding its creation.

There is also the myth that the Federal Reserve Act was passed during the Christmas break when most members of Congress were away. That isn’t true, and there is the official record showing the final vote in the Senate was 54-32 on December 18, 1913.

According to Section 4, part 2 of the Federal Reserve Act, 1913, it says of each of the 12 privately owned Federal Reserve Banks:

“To have succession for a period of twenty years from its organization unless it is sooner dissolved by an Act of Congress, or unless its franchise becomes forfeited by some violation of law.“

Since the Federal Reserve Board’s site shows that all 12 original Federal Reserve Banks are still in operation, their 20-year charter must have been extended.

A 20-year charter was also granted to the First and Second Banks of the United States, and both had their charter terminated. Yes, there was a time when privately owned central banks had time-limited charters, and for good reason, due to the havoc they caused.

12 U.S.C. § 341 : US Code – Section 341: General enumeration of powers shows:

“Second. To have succession after February 25, 1927, until dissolved by Act of Congress or until forfeiture of franchise for violation of law.“

Again, since the Federal Reserve Board’s site shows that shows that all 12 original Federal Reserve Banks are still in operation, this provision was either changed with some other time limit, or was never changed.

In fact, it was never changed, and, therefore, their charter doesn’t expire in 2013, and there was never a 100-year charter for the Federal Reserve.

Read Full Post »

G. Edward GriffinSome interesting points arose out of this November 24, 2013 interview on the Big Plantation with G. Edward Griffin.

First, in clearing up a misconception about an alleged 100-year charter for the Federal Reserve, he claims there originally was one, when in reality, it was a 20-year charter.

16m – In clearing up misconception about a 100-year charter for the Federal Reserve, he says there originally was one, and it was later removed, when in reality it was a 20-year charter
19m – No JFK speech at Columbia university about breaking up Fed, as he had never even been to that university
25m – Said he likes Bitcoin a lot because it’s independent of government interference
26m – He likes the feature that the supply is limited (FC: Actually, this is one of its big negatives, in my opinion)
27m – Said he doesn’t like that it’s not backed up by something of intrinsic value
28m – Admits govt can shut down gold and silver, too
28m – Said it’s a good idea to have your assets tied up in gold and silver (FC: It wasn’t a good idea in 1933 and 1934, when they were confiscated, respectively!)
29m – Says it’s playing a very important role in the awareness of our monetary problems today
33m – Admits bankers do own a lot of gold, because it’s a store of value (FC: And because they have historically controlled money, economies and nations with it)
34m – Laughably says it doesn’t mean they want to back a currency with it, because it puts limits on their ability to make more money off interest (What about the U.S. backing up its money supply from 1914 to 1933 40% by gold? Were the people crying out for that, or was it the bankers? He’s either unaware of, or intentionally concealing the historical pattern of the bankers reverting to some gold standard in order to shore up confidence in the monetary system after they’ve collapsed the current one.)
39m – Said he’s read evidence claiming that silver could be equal to gold in an unregulated market (FC: Not much evidence to suggest that, since gold has always traded higher than silver throughout the entire history of the United States, including the nearly 30 years after Andrew Jackson killed the Second (Central) Bank of the United States).

Read Full Post »

In 1935, Cret designed the Seal of the Board o...

The claim that the Federal Reserve was given a 99-year charter set to expire in 2012 isn’t the only myth surrounding its creation.

There is also the myth that the Federal Reserve Act was passed during the Christmas break when most members of Congress were away. That isn’t true, and there is the official record showing the final vote in the Senate was 54-32 on December 18, 1913.

According to Section 4, part 2 of the Federal Reserve Act, 1913, it says of each of the 12 privately owned Federal Reserve Banks:

To have succession for a period of twenty years from its organization unless it is sooner dissolved by an Act of Congress, or unless its franchise becomes forfeited by some violation of law.

Since the Federal Reserve Board’s site shows that all 12 original Federal Reserve Banks are still in operation, their 20-year charter must have been extended.

A 20-year charter was also granted to the First and Second Banks of the United States, and both had their charter terminated. Yes, there was a time when privately owned central banks had time-limited charters, and for good reason, due to the havoc they caused.

12 U.S.C. § 341 : US Code – Section 341: General enumeration of powers shows:

Second. To have succession after February 25, 1927, until dissolved by Act of Congress or until forfeiture of franchise for violation of law.

Again, since the Federal Reserve Board’s site shows that shows that all 12 original Federal Reserve Banks are still in operation, this provision was either changed with some other time limit, or was never changed.

In fact, it was never changed, and, therefore, their charter doesn’t expire in 2012, and there was never a 99-year charter for the Federal Reserve.

Read Full Post »