Posts Tagged ‘epic fail’

Harry BrowneThe late Harry Browne, libertarian champion and 1996 and 2000 Libertarian Party presidential candidate, started off his November 20, 2004 radio show with talk of the Federal Reserve.

At 4:32, he said:

The Federal Reserve System is not privately owned.

I wouldn’t have had as much of an issue if he said it’s not private — in drawing attention to its public aspects — but to say it is not privately owned is a complete falsehood, as it is 100% privately owned by the member banks of the 12 privately owned regional Federal Reserve banks.

At 16:08, he claimed the Fed returns “trillions and trillions” of dollars back to the U.S. Treasury each year. The New York Times reported on January 10, 2012 that the Fed returned $76.9 billion to the Treasury for 2011, and that’s with far more debt outstanding than when Browne made his comments.

I came across this excellent letter in 2010 by Harry Browne to his daughter, entitled A Christmas Gift for My Daughter, originally published on December 25, 1966, explaining why nobody owes her anything. However, when it comes to his statements on the Federal Reserve, they were an epic fail.

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