My sons and I experienced an incredible, eye-opening tour. This is a must-see for anyone,…read moreespecially those with children (ages 8+). Note: You can't just swing by; must make an appointment or you will be quickly greeted by armed gunmen (smiles).
Here's what we learned:
1. Super technically, Houston does not have a Federal Reserve Bank. We are a branch of the Federal Reserve Bank of Dallas. There are a total of twelve (12) FRB's nationwide.
2. "The Federal Reserve is both public and private." It's a public government entity when it serves their interest, and private when it does not.
To that effect, there's approximately 19K employees in the Federal Reserve System. The DC office is part of the government. The seven Governors (appointed by the President and confirmed by the Senate) and their staff are on the government payroll. The remaining employees in Districts 1-12 are paid privately by the Bank in their District. Example: The Houston Branch is located in the 11th District, so all employees are paid by the Federal Reserve Bank of Dallas.
3. EVERY BANK operating in the US must allocate a percentage of monies to the Federal Reserve.
4. The Federal Reserve System "earned seventy eight (78) billion dollars in revenue last year."
5. The Fed counts coins as an assest, but not paper currency (cash), which they consider a liability. Just think about that for a minute. Every lender considers cash an asset, but not the Federal Reserve. WOW! The Fed know it's not worth the paper it's printed on!
6. The Federal Reserve does not print money, they manage the money (as in all of it). "We are The Bank for banks." The Department of Treasury prints and mints money. DC and Fort Worth are the only two locations that print money in the US.
7. The Federal Reserve, specifically the Chair, controls interest rates.
8. Bank Examinations are routinely conducted by the Federal Reserve employees. A review of records, policies, and procedures, with an emphasis on examining collateralized loans.
9. The Houston Branch has approximately seventeen (17) billion dollars in cash, in the vault. We watched, through a large clear window (10 feet away ), employees processing, then bundling hundred dollar bills. I observed ninety (90) million dollars in one room. Photographs of that area were strictly prohibited.
10. The Houston Branch processes about twenty five (25) million dollars per week. Approx. 150 counterfeit bills are identified, then handed over to the Secret Service.
*The Secret Service has two primary duties: a) Protect the President and visiting foreign leaders, and b) investigate counterfeiting.
11. The Houston Branch shreds sixteen large columns of paper currency every day. That translates into eight hundred (800) notes per day.
*waste management company collects the shredded currency, then hauls it to a local landfill.
**free samples given at the conclusion of tour.
Summary:
1. Of the fourteen (14) Federal Reserve chairmen, eight (8) have been Jews. This equates to 53%. The Jewish population in the US is 2%.
*Jewish population by state:
http://www.jewishvirtuallibrary.org/jsource/US-Israel/usjewpop.html
2. The Federal Reserve was created on December 23, 1913, just before Christmas when most members of Congress were on vacation. IT WAS A MIDNIGHT ACT OF TREASON!