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What are the shares of the federal reserve bank good for ?

There are share of the federal reserve banks not publicly traded held by private people. Those shares do not entitle them to any kind of profit, due to the nature of the federal reserve bank. What are those shares good for then ? Do they hold any kind of power, or is it just awesome to have shares of the federal reserve bank ?
Shucks so it is better if money is being backed up by something thats shiny instead of the fruits and labour of a modern society ?

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2 Responses to “What are the shares of the federal reserve bank good for ?”

  1. gray shadow said:

    You are correct, they are almost only symbolic in meaning.

    When the Fed was first chartered in 1913, the branches had far more autonomy and the branch shareholders had far more power. The districts were like little independent monetary fiefdoms.

    But that all changed with the Bank Act of 1935. Absolute power over the system was given to the newly formed “Board of Governors” and the branches were relegated to day-to-day operations.

    One observation.. From Edward Griffin, noted anti-fed intellect (http://www.bigeye.com/griffin.htm) sums it up nicely.
    ..
    Every bank that’s in the system is an owner of the Federal Reserve… But that’s as far as it goes because those stock certificates do not carry with them any of the attributes of private ownership. For example, the holders of these certificates cannot sell them. If you can’t sell something then you don’t really own it, that’s one of the tests of ownership, your ability to dispose of it. You cannot sell it. Furthermore the larger banks put up more money than the smaller banks, it’s a ratio to their assets, so the larger banks have more stock certificates in the system than the small ones and yet regardless of the number that they hold, every bank has just one vote. There’s another violation of the principle of private ownership. Furthermore that vote doesn’t buy them anything. They can’t vote for anything of substance; they cannot vote for their national management which is the most important thing, isn’t it? The board of directors and chairman of the Federal Reserve System are appointed by the President, they’re not elected by the banks that are part of the system, the President does that.”

  2. AwShucks! said:

    The Federal Reserve is a private country club. Shares are worthless. They are bankers and politicians who’ve done what Bernie Madoff and various MLMs have done; found a way to enslave using debt as a control. If the US Treasury were to issue certificates (currency) backed by silver the money would be worth something. The Fed directs the treasury to issue money, charges interest on the money which is valued at face then demands repayment. How does it get repaid for worthless “money?” Taxpayers. By controlling the costs of borrowing and lending and the amount of interest to be paid the Fed has created a way to keep the public in debt forever and themselves in clover forever. The system has been working since 1913. The crash of 1929 was scripted as have all the subsequent crashes of the market. When you examine the history of economic famine you will see the Fed dead center. You will also see bankers (look up and study Robber Barons) getting rich at the expense of the little man. We’re dealing with a system not easily displaced–just like prostitution and drugs. Why? Because too many people at the top are getting paid. So long as paper money with nothing backing it up is invented and circulated with interest plus the face value of the bill owing to the issuer (the Fed) there is no resolution. There have been attempts to eliminate it but history will show you the persons involved are dead.




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