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To: AC Flyer who wrote (15597)	2/24/2002 8:14:40 PM
From: Maurice Winn	Read Replies (1) \| Respond to of 74559

ACF, if the Q sharemarket-backed cybercurrency can't compete with the free-floating unbacked $ and win, there's something badly wrong. As you say, the $ is the biggest monopoly scam on earth, created by government edict. What about competition? What about anti-trust? How come the $ gets to have such an anti-competitive monopoly position? Well, the Q will put paid to that and the markets will decide which is the best currency. <What I find most interesting about the Federal Reserve System is that, although Congress appoints the Chairman of the Federal Reserve Board, the Fed is not a government agency. It is a private (or quasi-private) consortium of banks that was created by the Federal Reserve Act of 1913, which transferred the authority to create money from Congress to the Federal Reserve System. What a deal, eh? There are those who will say that this is the biggest scam in the known universe and that the Fed, and therefore the US, is actually run by a shadowy cabal of (insert pejorative of choice here) private bankers, who reap astronomical profits from this monopoly. > I suppose the Federal government does okay because they, [or the states], tax the creation of that money to the tune of 39% or so, so it's not straight bottom-line profit each time they print another US$100 and there are some running costs too [to avoid the currency getting out of kilter with the economy - all those statistics about the world's economy for example and lending management]. Mq

To: AC Flyer who wrote (15597)	2/24/2002 9:01:08 PM
From: Ilaine	Read Replies (3) \| Respond to of 74559

I am working on a website which will give you the answer to those questions, and it's due in May, so you won't have to wait anywhere near as long as you'll have to wait for CDMA to solve all problems, gold to go to $2000, or the DOW to go to 5000. To really "get" the history of the Federal Reserve system, wait for my website. The quick answer is that the 12 Reserve Banks are privately owned by member banks, none of which own more than (this is from memory) 2%. They pay for operating the system, they get paid 6% on their stock annually, and the rest goes to the general fund of the US treasury. The Federal Reserve system was created by Congress in 1913, started operation in 1914, and is controlled by a 12 person Board of Governors which is appointed by the President, with staggered terms (six or seven years, can't remember.) The Board of Governors is part of the US government and is here in Washington, D.C. I've used their archives. It's a nice building, serpentine in the lobby or maybe it's green marble. Don't believe most of the things you read on the Internet. Central banking is one of the bugaboos of the paranoids. Just ran across this site, may answer some questions. federalreserveeducation.org