Google it Mr. Carlton!

How silly, how shallow. Quote fails to mention that depositors are receiving interest also. The bank is providing a community service based on queing theory, probability, and statistics.

and a Life Insurance salesman is a man who is betting you are going to live while you are betting that you are going to die. And I'll be generally you protect his interest since you do every thing to continue to live.

J Bradsher and liberty-tree by repeating his ignorance are not spreading knowledge. This is not a secretive organization. I just googled it and you can access any of their records you care to. What "secretive" means is it is just something that "you" don't know about. The entire world is secretive until you go to school. There are people who have jobs that make them feel like all knowing little gods. I once was a computer programmer headhunter. I knew who were the good professionals and where the needs for them existed, I looked down from on high with an eagels eye and attempted to shuffle them around for a fee but it was not secretive per se. This bank organization is nothing more than a bank clearing house which exist all over the US, the Philadelphia Clearing House for example.

I don't know much about Marx but that he analysed the economic history of some men and saw that capitalism was better and more demorcratic than feudalism.

Marx preferred that the people via the state own all of the business or capital. Democratic capitalism the people own the businesses or capital via the stock company concept. In the first model you have the crooked state commissars, in the second you have the crooked Wall Street guys, either way the people are screwed. I submit that neither system is sacred but is useful only to the exent that they work. Do you not know that David stole the sacred bread that was dedicated to the sacred service of God in the Temple in order to feed his men. Jesus defended David, saying that the lesson is that "life is sacred". Thus economic systems should support life and enhance life. A system that breaks and wears down one man fro the benefit of another is probably not so good. We should search for that optimal system that enchances and supports the worker and the recipient of his efforts. The manipulation of markets and men for greed is not really the way to go.

Edison should have staid with phonographs and light bulbs.

I don't like these quotes today, I say to theme all; So what!

The Federal Reserve Annual Report for 2007 can be found at http://federalreserve.gov/goarddocs/rptcongress/annual07/pdf/AR07.pdf Please don't thank me just examine your own lazy stupidity. I've known of for a long time not only in research but in your ability to read and analyse what you read. How stupid can a man be to accept the construction "America is a republic not a democracy".Gentleman from Norwalk thinks it is okay to be insicere, to lie, to be dishonest in attacking society, government etcetera. It is okay to hate society, government etecetera. But in my view it is not okay to have your own facts, to lie, be insincere and disrespectful. PS: does the fact that the above report is found on a .gov (dot gov) site suggest anything to the folks that say the Fed is a private secretive institution. I am sure it is lost on most of the liberty-tree radicals.

Capitalism is not sacred. It is only good to the extent that it works. Economics is not sacred. Feudalism worked fot the nobility, capitalism is much more democratic. Under feudalism you were somebody if your daddy was somebody, under capitalism you are somebody if your daddy has money. There is no absolute right or worig with these systems. It depends on ones value system. If you think justice is equal opportunity of the new born, then inheritance is to a more or lesser degree unjust. Marx prefered capitalism over feudalism because of its democratic nature. Anyone can be somebody, thus democratic capitalims,. I think for once Bush is right and as usual Mr. Logan is wrong.

GAO Audits of Fed Reserve: US Code Title 31 Money and Finance, Chapter 7 General Accounting Office, Subchapter 11 General Duties and Powers. Section 714 Audit of Financial Institutions, Federal Reserve Board, Federal Reserve Banks, FDIC, Office of the Comptroller of the Currency. I suggest Cheryl you start with this as a step in education.

Maybe you need to get educated Cheryl. Ask yourself Cheryl how can it be that an institution that has existed for almost 100 years is criticized constanly by a small fringe and yet still does a booming business every year, year after year. Do you thing the small fringe might be just a little bit goofy. Being fired up is okay if it directs you to learning and education. I understand the natural resentment to brief cases, those expensive dark blue and black suites all those guys wear but your anger has to be a little bit more educated than that. Things are generally the way they are because that is the way we want them to be including the Federal Reserve Bank of America.

Thank God we have never lived under true capitalism. England in the 1850's were the closest to it and they learned to hate it.

I had never heard the term "democratic capitalism" untile Bush uttered it the other day. I think he meant capitalism which is a form of economic organization and democracy which is a form of political organization existing side by side in the same population.

What is of biblical proportions is the inability of contributors to be honest, sicnere, staright forward etc. If you can not discuss things maturely, honestly and sincerely what is the point at all. To be so weak minded that you fall for "republic not a democracy" have no clue about whether or not American people should be paying that 3 trillion in taxes etcetera. what is the point of your very existence.

At least this quote refutes those who say it is owned by Jews, spicks, and foreigners. It is owned exclusively by banks and S&L's. Its policy is controlled by a govt appointed board who reports regularly to Congress. Fully audited every year by independent auditors and the GAO. Name any non-government entity that is audited by the Government Accounting Office. All net earnings of the Federal Reserve return to the US Treasury. It seems to me that an entity that reports to Congress regularly, is audited by the US Governments General Accounting Office, pays all of its earnings to the US Treasury, whose chief offcers are appointed by Congress and President is for all intents and purposes owned by the US Government or more nearly the US People. The fact that it has an independent board may bother some but others recognize the benefit of keeping politicians hands from directly influencing policy. "Me Again" the answer to your question is in the preamble: We the People..., in Order to....promote the general Welfare..". Those skeptics who won't believe anything most others write may start confirming my post by going to publiceye.org. And you should start your analysis and understanding of Liberty-tree posts by asking yourself why does not the editor ever post positive quotes about things like the Fed, or education, or any other issue? I respectfully suggest it is because he knows what triggers y'alls responses, gets your goat and fires y'all up. I think Wright Patman was from Texas or some other small southern (redneck) state which explains alot about his quote and y'all also.

Are we sure this is not attributed to Sarah Palin when she socialized the Alsakan Oil industry for the benfit of the people to the extent that every man, woman, and child gets $1200 dollars a year from the oil companies. We influence, control, and facilitate "capitalists" all of the time. The "state" builds industrial parks, grants special exemptions and inticements and inducements for "capitalists" to come to their towns, and then they control them with pollutions standards, rules and regulations etc. As Bush bragged recently, "democratic capitalism is the best way".

All politicians Bush, McCain, Obama all of congress and the rest of our society are in your opinion then ass holes for talking about tax credits, tax rates, capital gains rates etcetea in your opinion. I will refrain from reading any posts by the likes of Archer, Mike and Logan. Logan you and your manchurian friends are a profanation to anything approaching academia, logic, honesty and sincerity. Your disrespect for 300 million Americans their society, institutions of government, and law abiding behavior is more than I wish to abide.

Why or why does a very, very, very small few rail against a system for almost 100 years now and yet the system still exists. Only 5 years to go for the 100th birthday. There has to be something wrong with the naysayers argument(s). All the BS about Jews and all the rest of the crap. I use to walk by the Chicago Fed every day. Nice building "it ain't going no where anytime soon. Logan how can people believe or turst someone who is naive enough to accept without thinking the statement that "America is a republic not a democracy" and then for the same person to follow up that lack of understanding, thinking or insight with a failure to say whether or not the reporting and collection of $3 trillion dollars a year by the US Govt through the offices of the IRS is legal or not. How can you sir dodge or fail to have a position on the IRS question?

Jim K, the Fed is a creation of the US Congress, It is not private it the way you seem to think. Neither is the TVA. It is not true that government produces nothing. It sets the parameters, establishes priorities, sets laws for things such as corporations, bankruptcy etcetera. Government is therefore foundational for the way society functions. Palin or McCain accuses Obama of socialism but she presides over the transfer of Alaskan oil company revenues to her citizens to the tune of $1200 to each man, woman, and child. Beyond that Americans die and bleed for Kuwaitis who basically live on oil stipends from their government and we spent 4000 plus of our peoples lives for Iraq which is now trying to figure out how to distribute its oil revenue to its people. So a tax cut for middle class Americans is socialism, GIVE ME A MAJOR BREAK!

I agree that our government is not the richest but there are poorer governments, check out the Italians and Japan. But the people are the richest, just ask Buffet, Gates and Trump. Even with our problems we have it good. What we need is a trasfer of wealth to pay off the national debt. Economic and monetary systems are for the purpose of benefitting people and distributing goods and services. Hard currency gold has no intrinsic value other than its ability to do a better job than fiat currency. I do not know that it has proven its ability to do that anymore than has "confidence" which is the driving force in the American economy.

Well when I tell folks the truth that a true re-public is a society ruled by the public and that is also what a democracy is they agree and say they do not know where they ever learned the offending construction. Thanks for your efforts concerning the incorporation of the IRS. The guys on this site could make themselves a killing advising folks concerning that 3 trillion they pay into the coffers of the Treasury at the behest of the IRS. The fact that they don't make a killing says more than any words ever could about how full of it they are. (Mike since the Maharesshi's Natural Law Party is defunct and apparently had little staying power it would seem grasping for such nonsense is a waste of my time. I'll stick with pragmatism, (Warren Buffet-Colin Powell Pragmatism) the true American "god".

Five stars for honesty and for the success of the Federal Reserve System.

McFadden was an anti-semitic Hitler loving and Jew hating pig. He sponsored an impeach Hoover effort that was defeated by 361 to 8 votes. Two attempts were made on his life. While some abhor ad hominem arguments, sometimes we are compelled to consider the source. As far as the substance it is all BS. Why do people often say that the US is the richest country in the world if we have been sacked by the Fed. If it can brake governments at will why don't we just use it and disband our military.

Life is pretty good for many these days and we are still, some say, the richest country in the world. So, so what? Seems like an innocuous, meainingless quote.