... congressional appropriations. [Gaslights up. Norman Rockwell family room scene. Grandpa wearing 'Santa' cap. Granddaughter Virginia on his lap in rocking chair. Granddaughter ready for bed; not yet sleepy.]
So you ask...
A bed time story from the Fed. Once upon a time...
Their owners are in their own words:
The 12 regional Federal Reserve Banks, which were established by the Congress as the operating arms of the nation's central banking system, are organized similarly to private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.
Their you have it. A charity if there ever was one. Never keeps any profit. And that 3 trillion on their ballooning balance sheet? Well???
So you see Virginia, there really is a Fed. A real virtue for those that squirrel away would be profit from poor folk. A bain for those that invest in those sorts of things (example: Bain Capital). Maryland & the Carolinas too.
That preposterous 16 trillion National Debt owned to them? Shall we save that till... Say, the next 100 years?
You remember what you where told about Santa Claus, don't you? Well, the Fed is more of the same... No reindeer... It's 20 mule team wagon train is pulled by what some derisively call "jackasses." ... Lot's of them... I cannot count. That is for you in your dreams.
Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul ☑
Want DP delivered to your inbox daily? Subscribe here:
Content of posts and comments on the Daily Paul represent the opinions of the original posters, and are not endorsed, approved, or otherwise representative of the opinions of the Dail