“What is the function of the regional Federal Reserve banks? They are primarily political. They were specifically set up to provide the illusion of regional control, when in fact the Federal Reserve System is a true central bank, with the powers associated with all national central banks. The central bank creates the monetary base on which commercial banks make loans. The regional Federal Reserve banks do not do this. The regional Federal Reserve banks are now, and have always been, a convenient illusion for misleading taxpayers and voters into believing that the Federal Reserve System is not a central bank, with all of the authority, power, and cartel control of all other central banks.”
http://www.garynorth.com/public/11737.cfm
Related posts:
“Privacy” Held Hostage By “Security” – Public Unimpressed
America's best educated kids don't go to school
Why Oil Could Move Higher--Much Higher
Who Needs an Official State Media When We’ve Got CNN?
Why you need offshore gold storage
Robert Ringer: Handling Change
Will Grigg: The Death of a Slave-Catcher
US Markets Are Running On Borrowed Money, Borrowed Time
Eric Margolis: Obama, Don't Play Chess With KGB
Judge Napolitano: Is the FISA Court constitutional?
The Corruption of Capitalism in America Excerpt: Chapter 17, Serial Bubbles
Roving Bandit, Stationary Bandit, and Income Tax
David Galland: How to Tell if You Live in a Police State
George Carlin: The Illusion Of Choice
Downside Resilience, Anyone?