Fed Loses Secrecy Suit, Considering Options

It was in the fall of 1994 that I first learned that the Federal Reserve Bank was not a part of our Federal Government, but in fact, a private bank corporation. But when I would try and share that knowledge, well, no one wanted to believe it.

Today, it's become common knowledge for anyone who watches the national news. Funny isn't it. If the common person on the street says it, or presents documentation about it, it just can't be true. But if the media reports it, then it's believable. The problem is, the media should have been reporting this years ago and didn't.

Well, for all those hard core non-believers out there, the Federal Reserve Corporation has just admitted it on public court record.

WRITTEN BY ALEX NEWMAN
SUNDAY, 21 MARCH 2010

In a supplementary brief filed by the Fed Board of Governors, the cartel also argued that since the New York Federal Reserve Board was basically a private institution, it was not obligated to comply with FOIA requests. “The FRBNY is not an establishment of the executive branch because it is a corporation whose stock is privately held,” explained the brief, also noting that it “is overseen by a board of directors the majority of whom are privately appointed” and that “none of the stock of the FRBNY is government-owned.”

FULL STORY

So, now you must ask yourself why would the congress back in 1913 give this Corporation the power to print Federal Reserve Notes and make them our national currency? Who are the INVESTORS who own the Federal Reserve Bank Corporation?

The Private Federal Reserve Bank Corporation now has the privilege of printing Reserve Notes which Congress Borrows and we pay INTEREST on.

In 1984, President Reagan received the Grace Commission Report. This was a report that the President ordered but when he read the results, never released it. Wonder why? Maybe it's time you read the 16 page overview that Mr. Grace gave President Reagan.

Read Report Here

Page 12 - Grace Report

Resistance to additional income taxes would be even more widespread if people were aware that:

◆One-third of all their taxes is consumed by waste and inefficiency in the Federal Government as we identified in our survey.

◆Another one-third of all their taxes escapes collection from others as the underground economy blossoms in direct proportion to tax increases and places even more pressure on law abiding taxpayers, promoting still more underground economy -- a vicious circle that must be broken.

◆With two-thirds of everyone's personal income taxes wasted or not collected, 100 percent of what is collected is absorbed solely by interest on the Federal debt and by Federal Government contributions to transfer payments. In other words, all individual income tax revenues are gone before one nickkel is spent on the services which taxpayers expect from their Government.

Now, who and what is the IRS? Who does the IRS work for?

The IRS is the collection agency for the Private Federal Reserve Bank Corporation collecting your money to pay for the debt that the United States Congress creates in your name.

Has your Senator Cosponsored S. 604 Yet?

S.604
Title: Federal Reserve Sunshine Act of 2009
Sponsor: Sen Sanders, Bernard [VT] (introduced 3/16/2009) Cosponsors (32)
Related Bills: H.R.1207, S.2939
Latest Major Action: 3/16/2009 Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

This article was first published in the January, 1946, issue of a periodical named American Affairs.

TAXES FOR REVENUE ARE OBSOLETE

by Beardsley Ruml,

Chairman of the Federal Reserve Bank of New York.

Mr. Ruml read this paper before the American Bar Association during the last year of the war [World War II]. It attracted then less attention than it deserved and is even more timely now, with the tax structure undergoing change for peacetime. His thesis is that given (1) control of a central banking system and (2) an inconvertible currency, a sovereign national government is finally free of money worries and need no longer levy taxes for the purpose of providing itself with revenue. All taxation, therefore, should be regarded from the point of view of social and economic consequences. The paragraph that embodies this idea will be found italicized in the text. Mr. Ruml does not say precisely how in that case the government would pay its own bills. One may assume that it would either shave its expenses out of the proceeds of taxes levied for social and economic ends or print the money it needs. The point may be academic. The latter end of his paper is devoted to an argument against taxing corporation profits. --- Editor. FULL ARTICLE

Did you read that last line? "The latter end of his paper is devoted to an argument against taxing corporation profits." 

Can we all say FAIR TAX? Tax the individual and not the corporation?