http://www.businessinsider.com/fed-is-unconstitutional-2010-11
America there is a true conflict of interest going on here.
The loyalty of the FED is to their shareholders, not to the "people" of the United States.
By Constitutional law Congress never had the rights to enable the Federal Reserve into being.
When a private entity has that much power over your purse, the ability to audit their books should be mandatory, but for some it's not, and the FED will in no way volunteer to allow it's happening.
Ben has lied at point blank range to Congress's face stating it would not monetize our own debt, and yet now it chooses to do so against the "Peoples" voice, which made it clear that "WE" would tolerate no more of the FED's air fare.
Congress needs to get off their ass NOW and fire Ben Bernanke as well as Timothy Geithner.
Neither of them work for the government and their actions scream that they are working against the better interests of the Nation as well as the "People".
It's time to eradicate the vermin before they eradicate "US".
They only hold as much power, as you choose to allow them, to believe they have.
The Fed, by it's own admission, is an independent entity within the government "having both public purposes, and private aspects". By "private aspects", they mean the entire operation is wholly-owned by private member banks, who are paid dividends of 6% each year on their stock. Furthermore, the Fed's decisions "do not have to be ratified by the President or anyone else in the executive or legislative branch of government" and the Fed "does not receive funding appropriated by Congress". In 1982, the Ninth Circuit Court of Appeals confirmed this view when it held that "federal reserve banks are not federal instrumentalities... but are independent, privately owned and locally controlled corporations".
Yet, the Fed has exclusive control over the government's ability to create money and regulate its value through the targeting of interest rates and open market operations (when the Fed buys an asset, it typically prints the purchase money out of thin air). How Congress can delegate its Constitutional powers to this independent, privately owned and unaccountable institution is beyond me.
The Government Accountability Office is not allowed to audit the Fed's transactions for or with foreign governments, central banks, nonprivate international organizations or those made under the direction of the Federal Open Market Committee ("FOMC").
