...or clearing corporations. According to Virginia Code:
http://savingtosuitorsclub.net/attac...6&d=1384380998
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...or clearing corporations. According to Virginia Code:
http://savingtosuitorsclub.net/attac...6&d=1384380998
Seems someone else has figured this out:
Any astute researcher could discover that around the time of the "Panic of 1907", books promoting a Federal Reserve System were promoting the establishment of a CLEARINGHOUSE SYSTEM.Quote:
The Federal Reserve System was modelled after the New York Clearinghouse that existed in New York during the 1800?s and 1900?s. As its name states, the New York Clearinghouse was just a big clearinghouse where many of the big banks would come to settle their interbank payments. Unfortunately, it wasn’t broad enough to handle the scope and complexity of the US banking system so these regional clearinghouses were deficient in dealing with banking crises and liquidity issues. The Fed System took this private model and ramped it up into a public/private hybrid model to create a national clearinghouse for interbank payments. You don’t hear much talk about this on a daily basis, {GEE WONDER WHY?} but that’s really what the Fed is – it’s just a big clearinghouse to help smooth the payments system. All the other stuff it gets attention for (like monetary policy) is just a sideshow to this primary purpose it’s serving – to maintain a healthy functioning payments system.
Interesting that the article's author never got around to answering the question: who owns the Fed?
Quote:
Originally Posted by Keith Alan
The stockholders own the Fed. Do you carry some certificates in your wallet?