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(The Year 2012 In Review)
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|User Info||One Dollar Of Capital HAS Been Recognized; entered at 2012-06-04 13:18:06|
Registered: 2011-03-16 Pasadena, CA
Congress is given the power to coin money and regulate the value thereof. Congress has given away this power to the Federal Reserve Board.|
The Federal Reserve Board has some politically controlled members, but the majority of them are from the individual federal reserve district banks (FRB-NewYork, FRB-Texas etc.) These individual district reserve banks are explicitly owned by the banks in their district.
This means that Congress has given away the regulation authority over the banks to the banks, quite conciously. There is only a thin veneer of respectability through the mechanism of the Board of Governors.
Only political pressure can force Congress to take back the power, and the public's eyes glaze over whenever the mechanics of the money supply are explained.
Kim Kardashian wins the publics brief attention span every time.