Talk:Federal Reserve System

Federal Reserve Critics (Unsourced)

Quotes from important Critics of the Federal Reserve act.

These quotes are as of yet unsourced, meaning that wiki criteria, such as the date and year of each quote has not yet been determined.

Most of these quotes are however mainstream and well-known throughout academia, and exist in one form or another throughout the internet on well known and reasonably serious and accountable sources. Such as Columbia University (Woodrow Wilson quotes), many of the Thomas Jefferson quotes etc.

Many of these will be sourced in the coming days and months but can often be verified by a simple google search or simply going to the authors wiki quote page (as in the case of Thomas Jefferson).

McFadden's quotes are largely taken from his 1913 speech to the senate / congress and is documented in library of congress. Nunamiut 16:49, 28 March 2007 (UTC)

Requesting verification

Can someone please verify the following quote?

Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and through its Board of Governors manipulates the credit of the United States.

I can't find a copy (or even excerpt of this) from his book online, and my local library does not have it. Even if it is a real quote, it's only serving to perpetuate a myth (that the Fed has never been audited), and we should consider deleting it.

Also I'm not sure the quotes from Eustace Mullins belong here. Anyone can publish a book; it doesn't mean that his material is either true or worth noting. SweetNightmares (talk) 16:15, 26 July 2012 (UTC)

Additionally, the following quote has been removed:

The Federal Reserve Banks, while not part of the government, are the central banking sytem for the Nation.… Holdings of Federal debt by the Federal Reserve Banks do not have the same impact on private credit markets as other debt held by the public. Their holdings of Federal debt arise from their role as the country's central bank.

It was attributed to "Office of Management and Budget, Budget of the United States: Historical Tables, notes to table 7.1 (1991-1992)." Here is part 7 (historical tables) of the 1992 budget, and here are the notes for the 1991 budget. Neither of these three documents contains anything resembling this quote, and it cannot be found on a reliable source through Google searches. SweetNightmares (talk) 16:44, 26 July 2012 (UTC)

A Google Books search would have easily confirmed that the first quote is from Goldwater's book as cited, although you cannot view contents. When he wrote it, it was true. The Federal Reserve was not then subject to external auditing. As for the other, it appears on page 10 of the first document that you linked. The quotes are accurate and if someone else is quoting them selectively to promote a myth, that makes it all the more important that people can come to this page for clear sourcing. I don't like the Eustace Mullins quote either, but it is accurate and personal distaste is not much of a basis for removing it. 24.22.217.162 00:11, 9 September 2012 (UTC)

I'm the same person who commented in September 2012 and I've been thinking again about the Mullins quotes. It's well-documented that Mullins was a vicious anti-Semite, who tended to relax his standards of evidence if doing so would buttress his vision of Jews fleecing the people from every direction. It may be appropriate to exclude his quotes if they are dishonest. Mullins states that earnings of the Federal Reserve Banks over a period of decades went entirely to their stockholders. Is that true? His evidence is a change to the Federal Reserve Act in the Banking Act of 1933. The specific change was that the Federal Reserve Banks would not pay their excess earnings as a tax to the government, but would retain them in unlimited surplus accounts. The statements of the New York Fed show that this continued until 1946. After that the Board of Governors started the charging the Federal Reserve Banks interest — payable to the Treasury — on outstanding Federal Reserve Notes. Today the FRBs still transfer earnings to the Treasury, but it is not called a "tax" or "interest," just a mandatory transfer. At no point did the FRBs transfer their surplus earnings to stockholders as Mullins described, so I'm inclined to remove this quote. 2001:558:6045:73:A8C8:5CA:7793:4C9C 21:41, 21 April 2019 (UTC)