So whatís important about the Fed, and why should we care? Despite common belief, the Federal Reserve is not a government agency. Itís a privately owned for profit cartel of powerful banks (including Wall Street ones) protected by law, even though the Federal Reserve Act of 1913 violates the US Constitution. Itís Article I, Section 8 states ďThe Congress shall have Power To coin Money (and) regulate the Value thereofÖĒ In 1935, the Supreme Court ruled only Congress has this power and cannot constitutionally delegate it to another group or body, and that includes private for profit bankers running the Fed.
Simply put, commercial banks in charge of printing and controlling the nationís money supply constitutes criminal fraud. Itís the reason the Federal Reserve was designed to look like a government agency when, in fact, it isnít. Being headquartered in Washington in the stately mausoleum-looking Eccles building is just part of the clever subterfuge.
But itís even worse than that. By establishing the Federal Reserve, Congress and President Woodrow Wilson privatized the nationís money creation system relinquishing the most important power governments have that got famed banker Baron MA Rothschild once to say: ďGive me control over a nationís currency and I care not who makes its laws.Ē