[Asterisk-biz] OT: Federal Reserve

[Jonathan k. Creasy]

I understand that the federal reserve is a corporation. Just not sure
about the "located in Puerto Rico" part. 

-Jonathan

> -----Original Message-----
> From: asterisk-biz-bounces at lists.digium.com [mailto:asterisk-biz-
> bounces at lists.digium.com] On Behalf Of trixter aka Bret McDanel
> Sent: Thursday, December 22, 2005 3:21 AM
> To: Commercial and Business-Oriented Asterisk Discussion
> Subject: RE: [Asterisk-biz] status of Telepacket
> 
> On Wed, 2005-12-21 at 20:25 -0500, Jonathan k. Creasy wrote:
> > >
> > > (ever wonder why the
> > > federal reserve is a corporation in puerto rico that started in
1929
> > or
> > > there abouts (corporate papers are expired too)?
> >
> > Where can I see the documents on that?
> 
> try google.  Why is there a special federal law (title 12 united
states
> code, I wanna say soemwhere around section 300) that exempts the
federal
> reserve from all taxes but property tax?  If they were the federal
> government they wouldnt need any such exemption.
> 
> There is a lot of stuff about the federal reserve not really being the
> US government.  The federal reserve sells stock, member banks can own
no
> more than 2500 shares (and they can buy a bank that also owns 2500
etc).
> The US government doesnt sell *stock* (again in title 12 united states
> code is the limit on that).
> 
> The federal reserve charges 0.5% 2 times per year on all paper money
its
> member banks have.  Yes they tax banks.  Fortunately there is only a
> total of $540B in currency the rest of the money is electronic.  2/3
of
> the money that goes overseas never comes back (for which the US gets
> seniorage - the difference between the $0.10 it costs to print a $100
> and the value that was exported - basically a profit of $99.90).
Member
> banks arent afaik overseas, which means that the tax the federal
reserve
> charges (again mandated in title 12) is on less than the total
available
> currency, remember its only on the physical cash in the banks not on
> total deposits or anything.  But you gotta ask yourself, where does
that
> money go exactly?
> 
> Charging more or less 1% per year on a few hundred billion dollars is
> still a considerable amount of money.  And to not pay any tax on that
> (only on the property they have)...  Almost enough to set up a nice
> trust...
> 
> 
> --
> Trixter http://www.0xdecafbad.com     Bret McDanel
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