The Fed and politics: Did you know how the following factoid?

Question

On December 23, 1913, the Federal Reserve Act, also known as the Glass-Owen Bill, was passed. The Republican controlled Senate rammed the bill through when many members of the US Congress were home for the holiday. The President, Dr. Thomas Woodrow Wilson, signed it into law one hour after being passed by the Congress! Somebody very powerful really wanted this law passed. The Federal Reserve System is an independent central bank. Although the President of the United States appoints the chairman of the Fed, and this appointment is approved by the United States Senate, the decisions of the Fed do not have to be ratified by the President, or anyone else in the executive branch of the United States government. Buried in the legislation was the granting of total power over the monetary policies of all US banks. A very curious statement is found in the original 1913 law. SEC. 30. The right to amend, alter, or repeal this Act is hereby expressly reserved. Reserved expressly to whom, or what?

Answer 1

"This is total nonsenses! The government can ignore anything they want if they feel it serves the "greater good" (like themselves). Stop this c**p, already!"

Sometimes I'm astonished at the level of ignorance of some of the poeple on YA!  I don't see how our government could ever be perceived as being "the greater good".  LOL.  

"If the America people ever allow private banks to control the issuance of their currencies, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their prosperity until their children will wake up homeless on the continent their fathers conquered."   Thomas Jefferson.

Answer 2

Factoid?

Answer 3

No worry, they will bring about their own impending doom through their own actions.  It's the inevitable law of balance.  You can only control something for so long until it stands up and overpowers you.  Oppression makes us stronger, we will overcome this obstacle.  F*CK you David Rockefeller

Answer 4

-ya, i just watched part of that movie this morning about the Bilderburg Group~!!!

seems they are getting things together for their final gaol that they have been working on for quite a while, this stuff ain't no JOKE~!!!

Bush just a while back gve the Federal Reserve the power to be the top bank, they have the final overlook and say-so over everything now~!!!

he stated that this was needed because of the Housing Market Scandals ( ya right)~!!!

some people get scared of this stuff~!!!!

Answer 5

This is total nonsenses! The government can ignore anything they want if they feel it serves the "greater good" (like themselves). Stop this c**p, already!

Answer 6

Good question--and it's not unique to this legislation.

When Congress inserts that clause, they are doing so as an "insurance policy."  It means that Congress can (if it so chooses) pass a law repealing the Federal Reserve Act.

The reason Congress did this --and sometimes does it with oter laws--is that it is not always a given that they CAN repeal an Act once its passed and becomes law--so if they deem it wise, they put that phrase in and tha tgives them the legal authority to yank the plug if it seems necessary.

A good example of what can happen if you don't have that clause is happening right now:

Currently Bush is operating in Iraq under the authority of legislation passed by Congress.  However, there is no clause in that law to allow Congress to rescind the authorization--so Congress is sort of stuck. They have no way of revoking Bush's authority to conduct the Iraq war.

True--whether you agree with the war or not.  IF, on the other hand, Congress had that clause in the authorization for the Iraq war, they could repeal it--and probably would.

So--to summarize: the phrase means Congress can repeal the Federal Reserve Act if it wishes.

Hope that helps.

Answer 7

Damnit Gas!!!

i told ya to get yo as* off that computer and go shine my Golf Clubs for me, then give your sister another shave!!!