David Haynie (Pacific Progress) | The Intel Hub
November 19 2011
Fed'l Reserve Bank | San Francisco
Recently Humboldt State University was visited by David Lang and Yelena Takhtamanova from the Federal Reserve Bank of San Francisco where they presented some information about the Federal Reserve System.
I, along with the department, took video of this event. While I was unable to take footage of the entire event, I was able to get David Lang’s presentation as well as a short portion of a question and answer period.
There were also presentations from students from an Economics class. Each group had to play the role of a private central banking head for each of the 12 Federal Reserve Branch banks. They had to make policy suggestions for the Federal Reserve banking system going forward.
Some of the groups had the right idea with the suggestion to remove the extra 0.25% interest being paid on excess reserves held with the Federal Reserve. This is a big problem and those groups got it right.
David Lang presented first, and a notable point is that at the 14 minute mark in the video below he explained that the Federal Reserve banking system paid back $78 billion to the US Treasury in 2010. It needs to be noted that he did not discuss the interest that the Federal Reserve charges on the currency in circulation.
What about the $189 billion paid to FRB on interest to service the debt in 2010? Wiki, a much less reputable source than the GAO, reports this number as $164 billion. Regardless, it is more than double what the Federal government spends on education.
The fact that money, the US Dollar, a Federal Reserve debt note, an instrument of debt, is on the bottom portion of the balance sheet of the Federal Reserve, the liabilities side, is direct proof that each US dollar gains interest and that the Federal Reserve system is paid interest on that same debt, the national debt.
David Lang and Yelena Takhtamanova both specifically showed the balance sheet of the Federal Reserve banks, and ‘Currency in circulation’ can clearly be seen as a liability. As we know, the government does not have to issue debt in order to create currency but the Federal Reserve, in order to keep control over the debt slaves,(U.S. taxpayers) does anyway.
Another issue is the fact that while that curve for the currency in circulation looks reasonably tame, keep in mind that the fractional reserve banking system and how banks can lend out 10x(and more in certain cases) on each additional dollar in circulation.
The $100 billion printed in October of 2008 really amounted to $1 trillion of financial ‘stimulation’(really the weakening of the dollar) considering the ponzi scheme of irrational fractional reserve banking.
During his presentation, David Lang asked the audience if they could name who audits the Federal Reserve. No one in the room was able to answer except for me at 12:45 in the video. I answered with the GAO. I have reviewed many GAO reports to see the corruption hidden within the government, military, and private institutions.
VIEW ~36 MINUTE VIDEO
At 28:25 in the video, an Occupy Humboldt protester asks important questions concerning the Federal Reserve, money, debt, the national debt, and inflation. I am not sure if he may have articulated himself as well as he wanted, but his concerns are very important, and were disregarded by the Fed reps.
David Lang even goes as far as to echo Yelena Takhtamanova’s simply explanation of what money is. I’m not sure if he was prepared for the many questions asked but, regardless, his weak non-answer to the Occupy protester proves he is just a pawn in the big picture of things at the Fed of San Francisco.
I then asked my question at 31:06, concerning the Federal Reserve bank of San Francisco and whether it was formed as a private institution. He confirmed that it is. He also confirmed that they pay dividends to their shareholders.
He then quickly reiterated the fact that the Federal Reserve banks paid back profits to the US Treasury. Again this was to cover the main point that the Federal Reserve charges and is paid interest on our debt.
Regardless, I was clearly able to capture video of a representative of a Federal Reserve bank confirming that they are indeed a private institution.
David Lang’s confirmation flies directly in the face of the lies being pushed by the ill-representing ‘FederalReserve.gov’ site.
‘FederalReserve.gov’ even goes as far as to say , “It is not “owned” by anyone and is not a private, profit-making institution.” They are able to get away with this outright lie because the lines between the Federal Reserve Banking System and each of the 12 private central banks that make it up are sometimes muddled on purpose as we have seen.
Each of the 12 individual private Federal Reserve banks charge and receive interest for profit.
VIEW ~36 MINUTE VIDEO