APPENDIX

 

1. Structure and Function of the Federal Reserve

2. Natural Laws of Human Behavior in Economics...

3. Is Ml Subtractive or Accumulative?

 

 

 

 

 

(A) - STRUCTURE AND FUNCTION OF THE FEDERAL RESERVE SYSTEM
The three main components of the Fed are:

1. the national Board of Governors

2. the regional Reserve Banks

3. the Federal Open Market Committee

Lesser components include:

4. the commercial banks which hold the stock

5. the advisory councils

The function of the national Board of Governors is to determine the system's monetary policy.

 

The Board consists of seven members who are appointed by the President and confirmed by the Senate. Their terms of office are fourteen years and are staggered so that they do not coincide with the presidential term of office. The purpose of this is to insure that no single President can dominate Fed policy by stacking the Board with his appointments. One Board member is appointed as the Chairman for four years and another as Vice Chairman for four years.

 

The Chairman controls the staff and is the single most powerful influence within the system.

Control is exercised by the Board and a handful of top staff employees. The Federal Reserve Act mandated that the President, when selecting Governors "shall have due regard to a fair representation of the financial, agricultural, industrial and commercial interests, and geographical divisions of the country." This mandate is now almost completely ignored, and the men come primarily from the fields of banking and finance.

The function of the regional Reserve Banks is to hold cash reserves of the system, supply currency to member banks, clear checks, and act as fiscal agent for the government.

The twelve regional Reserve Banks are located in Atlanta, Boston, Chicago, Cleveland, Dallas, Kansas City, Minneapolis, New York, Philadelphia, Richmond, San Francisco, and St. Louis. They are corporations with stock held by the commercial banks which are members of the system. Member banks elect the directors of the regional Reserve Banks of which they are a part. The larger banks hold more shares but they have only one vote in the selection of the Directors.

Within each regional-bank system there are nine Directors. The member banks elect three Class-A directors who represent the banking industry and three Class-B directors who represent the general public. The remaining three Class-C directors are appointed by the national Board. The Chairman and Vice Chairman of each regional Reserve Bank must be Class-C directors. The selection of President and other officers is subject to veto by the national Board of Governors. In this way, the national Board is able to exercise control over the regional branches of the system.

The function of the Federal Open Market Committee is to implement the monetary policy set by national Board, although it exercises considerable autonomy in setting its own policy. It manipulates the money supply and interest rates primarily by purchasing or selling government securities - although it also accomplishes that through the purchase or sale of foreign currencies and the securities of other governments as well.

 

Money is created and interest rates go down when it purchases. Money is extinguished and interest rates go up when it sells. Policy is formulated on a daily basis. In fact, it is monitored by the minute and the Committee often intervenes in the market to affect immediate changes.

The Open Market Committee is composed of the national Board of Governors plus five of the twelve regional Presidents who serve on a Rotating basis. The exception to this is the President of the New York regional Bank who is always on the Committee. Thus, once again, the System is firmly in control of the national Board with the President of the New York regional Bank being more powerful than the others.

Twenty-four bond dealers handle all sales of government securities. Government agencies cannot exchange with each other without [going through dealers who earn commissions on each transaction.

Decisions are made at secret meetings. A brief report is released to khe public six weeks later, but transcripts of the deliberations are destroyed. That policy was begun in 1970 when the Freedom-of-Infor-mation Act was passed. Not even the CIA enjoys such secrecy.

The function of the member banks is to conduct the nation's banking business and to implement the System's monetary policy in terms of putting money into or drawing it out of the system at the point of contact with individual or corporate borrowers.

This leads to the troublesome question of ownership.

 

The federal government does not own any stock in the System. In that sense, the Fed is privately owned. That, however, is misleading in that it implies a typical private-ownership relationship in which the stockholders own and control. Nothing could be further from the truth. In this case, the stock carries no proprietary interest, cannot be sold or pledged as collateral, and does not carry ordinary voting rights.

 

Each bank is entitled to but one vote regardless of the amount of stock it holds. In reality, the stock is not evidence of "ownership" but simply certificates showing how much operating capital each bank has put into the System. It is not a government agency and it is not a private corporation in the normal sense of the word. It is subject to political control yet, because of its tremendous power over politicians and the elective process, it has managed to remain independent of political oversight.

 

Simply stated, it is a cartel, and its organizational structure is uniquely structured to serve that end.

 

 

 

(B) - NATURAL LAWS OF HUMAN BEHAVIOR IN ECONOMICS
 

NATURAL LAW NO. 1
LESSON: When gold (or silver) is used as money and when the forces of supply and demand are not thwarted by government intervention, the amount of new metal added to the money supply will always be closely proportional to the expanding services and goods which can be purchased with it. Long-term stability of prices is the dependable result of these forces. This process is automatic and impartial. Any attempt by politicians to intervene will destroy the benefit for all. Therefore,
LAW: Long-term price stability is possible only when the money supply is based upon the gold (or silver) supply without government interference.
 

 

NATURAL LAW NO. 2
LESSON: Whenever government sets out to manipulate the money supply, regardless of the intelligence or good intentions of those who attempt to direct the process, the result is inflation, economic chaos, and political upheaval. By contrast, whenever government is limited in its monetary power to only the maintenance of honest weights and measures of precious metals, the result is price stability, economic prosperity, and political tranquility. Therefore,
LAW: For a nation to enjoy economic prosperity and political tranquility, the monetary power of its politicians must be limited solely to the maintenance of honest weights and measures of precious metals.
 

 

NATURAL LAW NO. 3
LESSON: Fiat money is paper money without precious-metal backing and which people are required by law to accept. It allows politicians to increase spending without raising taxes. Fiat money is the cause of inflation, and the amount which people lose in purchasing power is exactly the amount which was taken from them and transferred to their government by this process. Inflation, therefore, is a hidden tax. This tax is the most unfair of all because it falls most heavily on those who are least able to pay: the small wage earner and those on fixed incomes. It also punishes the thrifty by eroding the value of their savings. This creates resentment among the people/ leading always to political unrest and national disunity. Therefore,
LAW: A nation that resorts to the use of hat money has doomed itself to economic hardship and political disunity.
 

 

NATURAL LAW NO. 4
LESSON: Fractional money is paper money which is backed by precious metals up to only a portion of the face amount. It is a hybrid, being part receipt money and part fiat money. Generally, the public is unaware of this fact and believes that fractional money can be redeemed in full at any time. When the truth is discovered, as periodically happens, there are runs on the bank, and only the first few depositors in line can be paid. Since fractional money earns just as much interest for the bankers as does gold or silver, the temptation is great for them to create as much of it as possible. As this happens, the fraction which represents the reserve becomes smaller and smaller until, eventually, it is reduced to zero. Therefore,
LAW: Fractional money will always degenerate into fiat money. It is but fiat money in transition.
 

 

NATURAL LAW NO. 5
LESSON: It is human nature for man to place personal priorities ahead of all others. Even the best of men cannot long resist the temptation to benefit at the expense of their neighbors if the occasion is placed squarely before them. This is especially true when the means by which they benefit is obscure and not likely to be perceived as such. There may be exceptional men from time to time who can resist that temptation, but their numbers are small. The general rule will prevail in the long run.
A managed economy presents men with precisely that kind of opportunity. The power to create and extinguish the nation's money supply provides unlimited potential for personal gain. Throughout history the granting of that power has been justified as being necessary to protect the public, but the results have always been the opposite. It has been used against the public and for the personal gain of those who control. Therefore,
LAW: When men are entrusted with the power to control the money supply, they will eventually use that power to confiscate the wealth of their neighbors.

 

 

(C) - IS Ml SUBTRACTIVE OR ACCUMULATIVE?

Below is a copy of the author's letter to Mike Dubrow at the Public Information department of the Federal Reserve System.

 

In a telephone conversation on February 14, 1994, Mr. Dubrow said that the assumption stated in the letter would be correct if it were not for the fact that the system is under the control of a central bank.

 

The Federal Reserve, he said, would not allow that to happen, because it would be inflationary. The Fed would reduce the money supply to offset the effect of monetary expansion as dollars moved from M-l to M-2 and back to M-l again. In other words, the assumption is correct, but the Fed has the power to offset it - if it wants to. The bottom line is that M-l is accumulative.

 

As such, it is the most meaningful measure of the money supply.
 

Q. Cdwwtd Qfdffln ftaoc 4646, WestlaAe Vifiaye OR 91359
January 19,1994
MikeDubrow
FAX # (202)452-2707
Federal Reserve System
Washington DC
 

Dear Mr. Dubrow,
As we discussed during our phone conversation this morning, I am preparing a paper on the Federal Reserve System, and an interesting question has arisen. It is so fundamental that almost everyone with whom I have spoken thought they knew the answer but, upon analysis, have concluded they were not so sure after all. IS Ml SUBTRACTIVE OR ACCUMULATIVE?

It is my understanding that there are three optional definitions of the money supply:

Ml = currency + short-term deposits.
M2 = M1 + short-term time deposits.
M3 = M2 + institutional long-term deposits.

It is clear that, when money is paid out of a checking account and put into a savings account, it increases M2, but the question is: Does it remain as part of Ml or is it subtracted from it?

 

Herbert Mayo, in his book Investments (Chicago: Dryden Press, 1983), says

"If individuals shift funds from savings accounts to checking accounts, the money supply is increased under the narrow definition (M-l) but is unaffected if the broader definition (M-2) is employed."

This implies that, when money is moved from a checking account to a savings account, it is subtracted from Ml. Otherwise, it would not increase Ml when it is moved back again from savings to checking. When we spoke on the phone, you confirmed that his interpretation is correct.

But how can that be? The money moved from checking to savings or any other investment does not d isap-pear into a vault. It is spent in fulfillment of the investment project. It is given to a vendor or a contractor or an employee and reappears in their checking accounts where it becomes part of M1 once again. It would seem, therefore, that it doesn't really leave M1 at all. It merely increases M2.

I have hypothesized one possible explanation. It is that the money does, in fact, disappear into a vault, or at least into a bookkeeping ledger, for a short period of time. That would be the time between its deposit into the savings account and its subsequent transfer to the checking accounts of borrowers.

 

The time period might be short - perhaps less than thirty days on the average - but it still needs to be considered when calculating the money aggregates.

 

Therefore, Ml is reduced when money is transferred from checking to savings, but that is only a temporary effect. M1 will be increased once again just as soon as the new M2 money is redirected to borrowers. Is that a correct explanation?

Thank you for your help with these puzzling items.

Sincerely,
G.Edward Griffin

(805)496-1649

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