Op-Ed: Is the Federal Reserve the Biggest Scam in America’s Economic History?

federal reserve
The Federal Reserve is neither federal, nor a full reserve. It is not owned or directly controlled by the United States government. File photo: MDart10, Shutter Stock, licensed.

PORTSMOUTH, OH  From President Woodrow Wilson to President Joe Biden – the Federal Reserve continues to hold our country and our economy hostage – that’s my opinion in a nutshell.  

Is the Federal Reserve (aka the Fed) a phony baloney business masquerading as patriotic and noble? The Fed prints money and loans money to the United States government and charges interest. How can that be? Sounds like a system of funny-money with smoke and mirrors.  

Recently, I’ve read articles, opinions, books; watched documentaries; communicated with other patriots concerning the Federal Reserve System, and sent emails to state representatives. My mind is boggled and my soul is stricken with grief as the betrayal settles into my bones. I’ve been so naïve, so gullible – so into my own life of dreams, goals, and problems – so clueless. Decades of American weasels in American banks by a covert cabal of wealthy elites rule the roost – I had no clue.  

The Fed is not owned by the government. So, is the Fed private or public?The answer is both. While the Board of Governors is an independent government agency, the Federal Reserve Banks are set up like private corporations. Member banks hold stock in the Federal Reserve Banks and earn dividends.”


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But, the answers to the questions depend upon who you ask.   

“The Federal Reserve is neither truly federal, nor a full reserve. It is not owned or directly controlled by the United States government. The fact that the words ‘United States Federal Reserve System’ are printed on every U.S. bank note thus raises serious questions.”

Who made the Fed the central bank of the USA? Listen to G. Edward Griffin, author of “The Creature from Jekyll Island” and founder of the Red Pill University in a recent YouTube interview with Daniela Cambone for Stansberry Research.

Who were the monopoly men of money? In 1910, Nelson Aldrich and executives representing the banks of J.P. Morgan, Rockefeller, and Kuhn, Loeb & Co., colluded in secret at Jekyll Island, Georgia. Six wealthy and politically powerful men attended: Nelson Aldrich, A. Piatt Andrew, Henry Davison, Arthur Shelton, Frank Vanderlip and Paul Warburg. Griffin refers to these men as “the big bad bankers of the world.”  

Deny, deny, deny – the six men denied the secret meeting. “The participants themselves denied the meeting had occurred for twenty years, until the publication of Aldrich’s biography in 1930,” according to an article at Federal Reserve History.

The 1913 Federal Reserve Act, signed into law by President Woodrow Wilson, gave the 12 Federal Reserve banks the ability to print money. However, Federal Reserve Board members are appointed by the U.S. President and confirmed by the Senate, but the Federal Reserve is a privately owned institution controlled by large private banks.  

Who owns the Federal Reserve? Some say shareholders of the 12 Federal Reserve banks, while others say nobody does. Do these banks own the stock? Then who owns the banks who owns the stock? I’m confused. The U.S. government does not own these banks nor the stock.  

There are 12 Reserve Banks: Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco. 

The New York Fed is perceived to be the Big Fatty Daddy of all. Who owns the NY Fed? “The big reveal for year-end 2018: Citibank, the No. 1 institution on the roster, held 87.9 million New York Federal Reserve Bank shares – or 42.8 percent of the total. The No. 2 holder stockholder was JPMorgan Chase Bank, with 60.6 million shares, equal to 29.5 percent of the total. In other words, the two banks together control nearly three-quarters of the regional bank’s capital shares…Goldman Sachs Bank USA owned 8.3 million shares, equal to 4 percent of the total, and Bank of New York Mellon held 7.2 million shares, or 3.5 percent.” 

“The Federal Reserve is an independent agency. And that means basically that there is no other agency of government which can overrule actions that we take. So long as that is in place, and there is no evidence that the administration, or congress, or anybody else is requesting that we do things other than what we think is the appropriate thing, then what the relationships are don’t frankly matter. And I’ve had very good relationships with presidents.” ―Alan Greenspan 

Arrogant Alan Greenspan, former Chair of the Federal Reserve, said it himself. The Fed answers to nobody and he ignored the voices of Congress and citizens.  

Peruse the Fed website. “Is the Federal Reserve accountable to anyone? Yes, the Federal Reserve is accountable to the public and the U.S. Congress. The Fed believes transparency is a fundamental principle of central banking that supports accountability.”  

Watch Christopher Leonard’s YouTube video “How the Federal Reserve Put the American Economy at Risk.” Read Leonard’s 2022 book, published by Simon & Schuster, “The Lords of Easy Money: How the Federal Reserve Broke the American Economy.”  

“End the Fed” is a 2009 book by former Texas Senator Ron Paul. He wrote, “After all is said and done, the Fed has one power that is unique to it alone: it enables the creation of money out of thin air…Without the Fed, the federal government would have to live within its means…The fact that the Fed can create trillions of dollars and distribute them to its cronies without governmental insight should shock us all.”  

Does the Fed loan funds to other countries? 

“As the global economy shuts down, the U.S. Federal Reserve has begun sending billions of dollars to central banks all over the world. Last month, it opened up 14 “swap lines” to nations such as Australia, Japan, Mexico, and Norway. A “swap line” is like an emergency pipeline of dollars to countries that need them. The dollars are “swapped,” i.e., traded for the other country’s currency. The Fed has also started allowing around 170 foreign central banks that hold U.S. Treasury bonds to temporarily exchange them for dollars,” according to a 2020 article By Greg Rosalsky on NPR’s website.

Nonetheless, it’s interesting that citizens with alternative viewpoints about the Federal Reserve System are labeled as conspiracy theorists. Citizens that shout “Stop the printing-presses” are dismissed. Is it possible that an elite clique of wealthy autocrats controls the financial world?  

“Whoever controls the volume of money in any country is absolute master of all industry and commerce.” ―James A. Garfield, President of the United States 


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