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The Federal Reserve Act of 1913 says it will back each Federal Reserve Note with gold.
They don't do this.
The Federal Reserve Act of 1913 says that bankers are to be held personally responsible if they fail.
They are not.
The Federal Reserve Act of 1913 says if a Fed bank is insolvent, it is to become the property of the US.
It doesn’t.
The Federal Reserve Act of 1913 says that insolvent Fed banks shall forfeit their shares in their Regional Fed.
They don’t.
The Federal Reserve has 3 mandates —people now only talk about the dual mandates, which are 2% inflation and low unemployment—the third mandate is to keep long term interest rates constant.
They don't do this either.
Why do we have a Federal Reserve again?
Frederic Delano (FDR's uncle) was on the first board for the Federal Reserve (created in 1913), which promised to back each Federal Reserve Note it issued with 40 cents of gold.
20 years later in 1933, his nephew, President Franklin Delano Roosevelt (FDR), made Federal Reserve Notes no longer exchangeable for gold and also confiscated every citizen’s gold over the $100 maximum amount allowed.
How convenient.
Bait and switch at its best.
