A Quote by Harry Reid
I think it would be interesting to know about the Federal Reserve. I think we should audit the Federal Reserve - it's taxpayer's money that's being used there.
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We own? the Federal Reserve. There is this misconception that the Federal Reserve is some private entity. But if I might give an analogy here, we - U.S. taxpayers - own all the stock in the Federal Reserve.
If Congress wanted to intervene with the Federal Reserve, well, we created the Federal Reserve. We could uncreate it. But would you want Congress regulating the money supply? We'd have drowned in inflation, or gone bankrupt, decades ago.
The Federal Reserve Act requires the Federal Reserve to report annually on its operations and to publish its balance sheet weekly.
When it appears as though the governors of the Federal Reserve believe that the end of the rate increases is near, that's very good news for investors. A lack of ambiguity from the Federal Reserve is always a little bit of a shocker.
The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U.S. Treasury...and has created out of nothing a ... debt which the American people are obliged to pay with interest.
I was Chairman of the Federal Reserve Bank of Kansas City. As you know, there are twelve banks and they have their citizens board, and I got elected to the Fed Chairmanship for the Federal Reserve Kansas City Bank back in the mid-'90s. It might have been 1995-'96.
The tenth amendment said the federal government is supposed to only have powers that were explicitly given in the Constitution. I think the federal government's gone way beyond that. The Constitution never said that you could have a Federal Reserve that would have $2.8 trillion in assets. We've gotten out of control.
The increase in the assets of the Federal Reserve Banks from 143 Million dollars in 1913 to 45 Billion dollars in 1949 went directly to the private stockholders of the [Federal Reserve] banks.
Paying interest on reserve balances enables the Fed to break the strong link between the quantity of reserves and the level of the federal funds rate and, in turn, allows the Federal Reserve to control short-term interest rates when reserves are plentiful.
Transparency concerning the Federal Reserve's conduct of monetary policy is desirable because better public understanding enhances the effectiveness of policy. More important, however, is that transparent communications reflect the Federal Reserve's commitment to accountability within our democratic system of government.
The Federal Reserve is no more federal than Federal Express.
If the Federal Reserve pursues a policy which Congress or the President believes not to be in the public interest, there is nothing Congress can do to reverse the policy. Nor is there anything the people can do. Such bastions of unaccountable power are undemocratic. The Federal Reserve System must be reformed, so that it is answerable to the elected representatives of the people.
The Federal Reserve ranks among the most transparent central banks. We publish a summary of our balance sheet every week. Our financial statements are audited annually by an outside auditor and made public. Every security we hold is listed on the website of the Federal Reserve Bank of New York.
When it comes to the Federal Reserve, there's an awful lot of books out there; in my library, I bet I've got 200 books if I've got any on the Federal Reserve. And we don't need any more books, we need action, and that's what the Liberty Dollar did, it gave people a way to take action. Our catch phrase was you want to "make money, do good, and have fun," and people really responded to that.
It may seem strange, but Congress has never developed a set of goals for guiding Federal Reserve policy. In founding the System, Congress spoke about the country's need for "an elastic currency." Since then, Congress has passed the Full Employment Act, declaring its general intention to promote "maximum employment, production, and purchasing power." But it has never directly counseled the Federal Reserve.
History has recorded nothing so dramatic in design, nor so skillfully manipulated, as this attempt to create the National Reserve Association, or the Federal Reserve.
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