Here is a link that might help answer the question. It says that "After paying its expenses, the Federal Reserve turns the rest of its earnings over to the U.S. Treasury. "
Link:
http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm
A link to the Federal Reserve site? Yeah, because I would expect them to just say right on the site that they've orchestrated the largest transfer of wealth the world has ever known.
The following language was taken right from the house of representative minutes located at:
http://commdocs.house...
Start>>
Now let's talk about the dollar note. It costs four cents to print, you said.
Mr. ALLISON. Yes. These are rough??
Mr. METCALF. You rounded out, I understand.
Mr. ALLISON. Yes, I said those were ballpark numbers.
Mr. METCALF. But then the Federal Reserve, essentially, issues it into circulation.
Mr. ALLISON. Yes.
Mr. METCALF. And what do they do with that? They get 96 cents for every one dollar bill that goes into circulation, if it costs four cents. What do they do with that 96 cents? What do they buy with it?
Mr. ALLISON. Yes, actually, the Federal Reserve buys a Treasury bill or Government security of some type worth one dollar.
Mr. METCALF. And, thus, we pay interest directly or indirectly on every Federal Reserve note in circulation; over $400 billion.
Mr. ALLISON. Let me make clear that the Federal Reserve buys those notes from the public; that is, those were Government securities that the Treasury had issued in the past; they're already put into circulation. They're a consequence of past budgetary deficits by the Federal Government. So, instead of the Treasury paying interest to the public or some other holder, it's paying to a different holder. This holder, however, the Federal Reserve System, returns all of the interest?unlike all other holders?returns all of the interest to the Treasury.
Mr. METCALF. Not all of the interest.
Mr. ALLISON. At the margin, all of the interest. The Federal Reserve, as you know, keeps an amount necessary to cover our own budget, and that's about the first $2 billion, roughly, of earnings; keeps enough to add a small increment to an account called ''surplus,'' which is retained earnings. That's a few hundred million, and pays a dividend to member banks, another few hundred million, and then 100 percent of the balance over that goes back to the Treasury.
Mr. METCALF. Right. You take out your expenses, and give the rest to the Treasury which is fine. I just wanted to make that clear. It seems like a strange system where we could issue the money directly as we do our coins, and gain the seigniorage, and, instead, we allow the Fed to issue it, and then we pay interest on it out of the Treasury, and then part of that interest comes back to us. It seems like an arcane system that could have been invented only by somebody who was mentally deranged.
[Laughter.]
I think we're mentally deranged to continue it.
Chairman CASTLE. Mr. Allison did not invent this system. I just want to make sure everybody understands that here.
[Laughter.]
>> End
, here as you can see it is a proven fact that Americans are being sold out for the wealth of the elitist who LAUGH about it.
Below is some good information found here:
http://www.apfn.org/APFN/fed_reserve.htm
ARTICLE 1, SECTION 8 OF THE CONSTITUTION STATES
THAT CONGRESS SHALL HAVE THE POWER TO COIN (CREATE) MONEY AND REGULATE THE VALUE THEREOF.
IN 1935 THE SUPREME COURT RULED THAT CONGRESS CANNOT CONSTITUTIONALLY DELEGATE ITS POWER TO ANOTHER GROUP.
Rothschild, a London Banker and a member of the most powerful and wealthiest banking family in the history of the world, wrote a letter saying:
"It (Central Bank ) gives the National Bank almost complete control of national finance. The few who understand the system will either be so interested in its profits, or so dependent on its favours, that there will be no opposition from that class... The great body of the people, mentally incapable of comprehending, will bear its burden without complaint, and perhaps without even suspecting that the system is inimical (contrary) to their interests."
The FED began with approximately 300 people or banks that became owners (stockholders purchasing stock at $100 per share - the stock is not publicly traded) in the Federal Reserve Banking System. They make up an international banking cartel of wealth beyond comparison. The FED banking system collects billions of dollars in interest annually and distributes the profits to its shareholders. The Congress illegally gave the FED the right to print money (through the Treasury) at no interest to the FED. The FED creates money from nothing, and loans it back to us through banks, and charges interest on our currency. The FED also buys Government debt with money printed on a printing press and charges U.S. taxpayers interest. Many Congressmen and Presidents say this is fraud.
Who actually owns the Federal Reserve Central Banks? The ownership of the 12 Central banks, a very well kept secret, has been revealed:
- Rothschild Bank of London
- Warburg Bank of Hamburg
- Rothschild Bank of Berlin
- Lehman Brothers of New York
- Lazard Brothers of Paris
- Kuhn Loeb Bank of New York
- Israel Moses Seif Banks of Italy
- Goldman, Sachs of New York
- Warburg Bank of Amsterdam
- Chase Manhattan Bank of New York
These bankers are connected to London Banking Houses which ultimately control the FED. When England lost the Revolutionary War with America (our forefathers were fighting their own government), they planned to control us by controlling our banking system, the printing of our money, and our debt.
The individuals listed below owned banks which in turn owned shares in the FED. The banks listed below have significant control over the New York FED District, which controls the other 11 FED Districts. These banks also are partly foreign owned and control the New York FED District Bank.
- First National Bank of New York James Stillman National City Bank, New York Mary W. Harnman
- National Bank of Commerce, New York A.D. Jiullard
- Hanover National Bank, New York Jacob Schiff
- Chase National Bank, New York Thomas F. Ryan Paul Warburg William Rockefeller Levi P. Morton M.T. Pyne George F. Baker Percy Pyne Mrs. G.F. St. George J.W. Sterling Katherine St. George H.P. Davidson J.P. Morgan (Equitable Life/Mutual Life) Edith Brevour T. Baker
How did it happen? After previous attempts to push the Federal Reserve Act through Congress, a group of bankers funded and staffed
Woodrow Wilson's campaign for President. He had committed to sign this act. In 1913, a Senator,
Nelson Aldrich, maternal grandfather to the Rockefellers, pushed the Federal Reserve Act through Congress just before Christmas when much of Congress was on vacation. When elected, Wilson passed the FED. Later, Wilson remorsefully replied (referring to the FED), "I have unwittingly ruined my country".
Now the banks financially back sympathetic candidates. Not surprisingly, most of these candidates are elected.
One of the biggest ways to accumulate debt is through WAR. Wonder my McCain in the "annointed" candidate?
The bankers employ members of the Congress on weekends (nickname T club -out Thursday...-in Tuesday) with lucrative salaries. Additionally, the FED started buying up the media in the 1930's and now owns or significantly influences most of it.
Presidents
Lincoln,
Jackson, and
Kennedy tried to stop this family of bankers by printing U.S. dollars without charging the taxpayers interest.
Today, if the government runs a deficit, the FED prints dollars through the U.S. Treasury, buys the debt, and the dollars are circulated into the economy. In 1992, taxpayers paid the FED banking system $286 billion in interest on debt the FED purchased by printing money virtually cost free. Forty percent of our personal federal income taxes goes to pay this interest. The FED's books are not open to the public. Congress has yet to audit it.
Congressman Wright Patman was Chairman of the House of Representatives Committee on Banking and Currency for 40 years. For 20 of those years, he introduced legislation to repeal the Federal Reserve Banking Act of 1913.
Congressman Henry Gonzales, Chairman of a banking committee, introduces legislation to repeal the Federal Reserve Banking Act of 1913 nearly every year. It's always defeated, the media remains silent, and the public never learns the truth. The same bankers who own the FED control the media and give huge political contributions to sympathetic members of Congress.
