Article Image
IPFS News Link • Economy - Economics USA

New Documents Show How Power Moved to Wall Street, Via the New York Fed

• .
....  the Federal Reserve did not function as the nation’s central bank until 1922 when it fumbled and stumbled its way into an awareness of the power of a centralized mechanism for buying and selling U.S. government securities as a means of carrying out monetary policy. Thanks to a trove of historic documents recently released by the St. Louis Fed, we are now able to see how the New York Fed, a bastion of Wall Street interests, maneuvered itself into control of that process....

2 Comments in Response to

Comment by Olde Reb
Entered on:

 There is a complete distinction between FOMC and the auctions of Treasury securities.  FOMC  buys securities that are in the public domain and sells them back as they determine.  The auctions are of new securities being sold to the Primary Dealers.

Comment by Olde Reb
Entered on:

 and how does the Fed make $4 billion profit from the operation every day that is hidden from Congress ???


All "net profit" of the Fed legally belongs to the government.  It looks like embezzlement to me. 

And what has Wall Street done with the hidden profit for 100 years? Answer: NWO---DEAD AHEAD