The following dialogue is reputed to be a conversation with a Mr. Ron Supinski of the Public Information Department of the San Francisco Federal Reserve Bank.   

CALLER - Mr. Supinski, does my country own the Federal Reserve System?

MR. SUPINSKI - We are an agency of the government.

CALLER - That’s not my question. Is it owned by my country?

MR. SUPINSKI - It is an agency of the government created by congress.

CALLER - Is the Federal Reserve a Corporation?

MR. SUPINSKI - Yes

CALLER - Does my government own any of the stock in the Federal Reserve?

MR. SUPINSKI - No, it is owned by the member banks.

CALLER - Are the member banks private corporations?

MR. SUPINSKI - Yes

Read the rest of the conversation….

What came first, the Federal Reserve or economic bubbles?

I have bad feeling about this.  I have felt it before…

It is the same feeling I had arguing that the repeal of Glass Stegall was a bad idea….
It is the same feeling I had arguing that the deregulation of California utilities was a bad idea….
It is the same feeling I had arguing that there was a problem with the independence with the auditors…
It is the same feeling I had arguing that recalling Gray Davis would fix none of California’s ills…

...and it’s the same feeling I have now listening to fools argue how they are going to be so much better once the opaque and independent (out of the control of the politicians) Fed is abolished and replaced with some “the free market” fantasy more than likely make it a political entity at the beck and call of whoever is in Congress.

If I had any, I’d take a Zanax.  Or maybe Dramamine, as thinking about it makes me want to puke.

PeterUK - 27 December 2008 05:02 AM

 

CALLER - Mr. Supinski, does my country own the Federal Reserve System?

MR. SUPINSKI - No, we OWN you.

CALLER - That’s not my question. Is it owned by my country?

MR. SUPINSKI - No, we OWN the country and every penny you have.

CALLER - Is the Federal Reserve a Corporation?

MR. SUPINSKI - No, we are all gangsters

CALLER - Does my government own any of the stock in the Federal Reserve?

MR. SUPINSKI - Yeah, but we told the presiden to shut up and do whatever we tell him to

CALLER - WTF…..

Read the rest of the conversation….