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Who owns the Federal Reserve Bank? A Phone Conversation About the Unseen Operations of the Federal Reserve System Posted: 08 Sep 2014

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Who owns the Federal Reserve Bank? A phone conversation about the unseen operations of the Federal Reserve System

The following is a conversation with Mr. Ron Supinski of the Public Information Department of the San Francisco Federal Reserve Bank. This is an account of that conversation.

CALLER – Mr. Supinski, does my country own the Federal Reserve System?

MR. SUPINSKI – We are an agency of the government.

CALLER – That’s not my question. Is it owned by my country?

MR. SUPINSKI – It is an agency of the government created by congress.

CALLER – Is the Federal Reserve a Corporation?


CALLER – Does my government own any of the stock in the Federal Reserve?

MR. SUPINSKI – No, it is owned by the member banks.

CALLER – Are the member banks private corporations?


CALLER – Are Federal Reserve Notes backed by anything?

MR. SUPINSKI-Yes, by the assets of the Federal Reserve but, primarily by the power of congress to lay tax on the people.

CALLER – Did you say, by the power to collect taxes is what backs Federal Reserve Notes?


CALLER – What are the total assets of the Federal Reserve?

MR. SUPINSKI – The San Francisco Bank has $36 Billion in assets.

CALLER – What are these assets composed of?

MR. SUPINSKI – Gold, the Federal Reserve Bank itself and government securities.

CALLER – What value does the Federal Reserve Bank carry gold per oz. on their books?

MR. SUPINSKI – I don’t have that information but the San Francisco Bank has $1.6 billion in gold.

CALLER – Are you saying the Federal Reserve Bank of San Francisco has $1.6 billion in gold, the bank itself and the balance of the assets is government securities?


CALLER – Where does the Federal Reserve get Federal Reserve Notes from?

MR. SUPINSKI – They are authorized by the Treasury.

CALLER – How much does the Federal Reserve pay for a $10 Federal Reserve Note?

MR. SUPINSKI – Fifty to seventy cents.

CALLER – How much do they pay for a $100.00 Federal Reserve Note?

MR. SUPINSKI – The same fifty to seventy cents.

CALLER – To pay only fifty cents for a $100.00 is a tremendous gain, isn’t it?


CALLER – According to the US Treasury, the Federal Reserve pays $20.60 per 1,000 denomination or a little over two cents for a $100.00 bill, is that correct?

MR. SUPINSKI – That is probably close.

CALLER – Doesn’t the Federal Reserve use the Federal Reserve Notes that cost about two cents each to purchase US Bonds from the government?

MR. SUPINSKI – Yes, but there is more to it than that.

CALLER – Basically, that is what happens?

MR. SUPINSKI – Yes, basically you are correct.

CALLER – How many Federal Reserve Notes are in circulation?

MR. SUPINSKI – $263 billion and we can only account for a small percentage.

CALLER – Where did they go?

MR. SUPINSKI – Peoples mattress, buried in their back yards and illegal drug money.

CALLER – Since the debt is payable in Federal Reserve Notes, how can the $4 trillion national debt be paid-off with the total Federal Reserve Notes in circulation?

MR. SUPINSKI – I don’t know.

CALLER – If the Federal Government would collect every Federal Reserve Note in circulation would it be mathematically possible to pay the $4 trillion national debt?


CALLER – Am I correct when I say, $1 deposited in a member bank $8 can be lent out through Fractional Reserve Policy?

MR. SUPINSKI – About $7.

CALLER – Correct me if I am wrong but, $7 of additional Federal Reserve Notes were never put in circulation. But, for lack of better words were “created out of thin air ” in the form of credits and the two cents per denomination were not paid either. In other words, the Federal Reserve Notes were not physically printed but, in reality were created by a journal entry and lent at interest. Is that correct?


CALLER – Is that the reason there are only $263 billion Federal Reserve Notes in circulation?

MR. SUPINSKI – That is part of the reason.

CALLER – Am I mistaking that when the Federal Reserve Act was passed (on Christmas Eve) in 1913, it transferred the power to coin and issue our nation’s money and to regulate the value thereof from Congress to a Private corporation. And my country now borrows what should be our own money from the Federal Reserve (a private corporation) plus interest. Is that correct and the debt can never be paid off under the current money system of country?

MR. SUPINSKI – Basically, yes.

CALLER – I smell a rat, do you?

MR. SUPINSKI – I am sorry, I can’t answer that, I work here.

CALLER – Has the Federal Reserve ever been independently audited?

MR. SUPINSKI – We are audited.

CALLER – Why is there a current House Resolution 1486 calling for a complete audit of the Federal Reserve by the GAO and why is the Federal Reserve resisting?

MR. SUPINSKI – I don’t know.

CALLER – Does the Federal Reserve regulate the value of Federal Reserve Notes and interest rates?


CALLER – Explain how the Federal Reserve System can be Constitutional if, only the Congress of the US, which comprises of the Senate and the House of representatives has the power to coin and issue our money supply and regulate the value thereof? [Article 1 Section 1 and Section 8] Nowhere, in the Constitution does it give Congress the power or authority to transfer any powers granted under the Constitution to a private corporation or, does it?

MR. SUPINSKI – I am not an expert on constitutional law. I can refer you to our legal department.

CALLER – I can tell you I have read the Constitution. It does NOT provide that any power granted can be transferred to a private corporation. Doesn’t it specifically state, all other powers not granted are reserved to the States and to the citizens? Does that mean to a private corporation?

MR. SUPINSKI – I don’t think so, but we were created by Congress.

CALLER – Would you agree it is our country and it should be our money as provided by our Constitution?

MR. SUPINSKI – I understand what you are saying.

CALLER – Why should we borrow our own money from a private consortium of bankers? Isn’t this why we had a revolution, created a separate sovereign nation and a Bill of Rights?

MR. SUPINSKI – (Declined to answer).

CALLER – Has the Federal Reserve ever been declared constitutional by the Supreme Court?

MR. SUPINSKI – I believe there has been court cases on the matter.

CALLER – Have there been Supreme Court Cases?

MR. SUPINSKI – I think so, but I am not sure.

CALLER – Didn’t the Supreme Court declare unanimously in A.L.A. Schechter Poultry Corp. vs. US and Carter vs. Carter Coal Co. the corporative-state arrangement an unconstitutional delegation of legislative power? ["The power conferred is the power to regulate. This is legislative delegation in its most obnoxious form; for it is not even delegation to an official or an official body, presumptively disinterested, but to private persons." Carter vs. Carter Coal Co...]

MR. SUPINSKI – I don’t know, I can refer you to our legal department.

CALLER – Isn’t the current money system a house of cards that must fall because, the debt can mathematically never be paid-off?

MR. SUPINSKI – It appears that way. I can tell you have been looking into this matter and are very knowledgeable. However, we do have a solution.

CALLER – What is the solution?

MR. SUPINSKI – The Debit Card.

CALLER – Do you mean under the EFT Act (Electronic Funds Transfer)? Isn’t that very frightening, when one considers the capabilities of computers? It would provide the government and all it’s agencies, including the Federal Reserve such information as: You went to the gas station @ 2:30 and bought $10.00 of unleaded gas @ $1.41 per gallon and then you went to the grocery store @ 2:58 and bought bread, lunch meat and milk for $12.32 and then went to the drug store @ 3:30 and bought cold medicine for $5.62. In other words, they would know where we go, when we went, how much we paid, how much the merchant paid and how much profit he made. Under the EFT they will literally know everything about us. Isn’t that kind of scary?

MR. SUPINSKI – Yes, it makes you wonder.

CALLER – I smell a GIANT RAT that has overthrown my constitution. Aren’t we paying tribute in the form of income taxes to a consortium of private bankers?

MR. SUPINSKI – I can’t call it tribute, it is interest.

CALLER – Haven’t all elected officials taken an oath of office to preserve and defend the Constitution from enemies both foreign and domestic? Isn’t the Federal Reserve a domestic enemy?

MR. SUPINSKI – I can’t say that.

CALLER – Our elected officials and members of the Federal Reserve are guilty of aiding and abetting the overthrowing of my Constitution and that is treason. Isn’t the punishment of treason death?

MR. SUPINSKI – I believe so.

CALLER – Thank you for your time and information and if I may say so, I think you should take the necessary steps to protect you and your family and withdraw your money from the banks before the collapse, I am.

MR. SUPINSKI – It doesn’t look good.

CALLER – May God have mercy on the souls who are behind this unconstitutional and criminal act called the Federal Reserve. When the ALMIGHTY MASS awakens to this giant hoax, they will not take it with a grain of salt. It has been a pleasure talking to you and I thank you for your time. I hope you will take my advice before it does collapse.

MR. SUPINSKI – Unfortunately, it does not look good.

CALLER – Have a good day and thanks for your time.

MR. SUPINSKI – Thanks for calling.

If the reader has any doubts to the validity of this conversation, call your nearest Federal Reserve Bank, YOU KNOW THE QUESTIONS TO ASK! You won’t find them listed under the Federal Government. They are in the white pages, along with Federal Express, Federal Deposit Insurance Corp. (FDIC), and any other business. Find out for yourself if all this is true.

And then, go to your local law library and look up the case of Lewis vs. US, case #80-5905, 9th Circuit, June 24, 1982. It reads in part: “Examining the organization and function of the Federal Reserve Banks and applying the relevant factors, we conclude that the federal reserve are NOT federal instrumentality’s . . but are independent and privately owned and controlled corporations – federal reserve banks are listed neither as “wholly-owned’ government corporations [under 31 USC Section 846 (moved to Section 9101) nor as 'mixed ownership' corporations [under 31 USC Section 856] . . . 28 USC Sections 1346(b), 2671. ‘ Federal agency’ is defined as: the executive departments, the military departments, independent establishments of the United States, and corporations acting primarily as instrumentality’s of the United States, but does not include any contractors with the United States . . . There are no sharp criteria for determining whether an entity is a federal agency within the meaning of the Act, but the critical factor is the existence of the federal government control over the ‘detailed physical performance’ and ‘day to day operations’ of that entity.

Other factors courts have considered include whether the entity is an independent corporation . . . whether the government is involved in the entity’s finances, . . . and whether the mission of the entity furthers the policy of the United States . . . Examining the organization and function of the Federal Reserve Banks, and applying the relevant factors, we conclude that the Reserve Banks are not federal instrumentalities …

It is evident from the legislative history of the Federal Reserve Act that Congress did not intend to give the federal government direction over the daily operation of the Reserve Banks . . . The fact that the Federal Reserve Board regulates the Reserve Banks does not make them federal agencies under the Act . . . Unlike typical federal agencies, each bank is empowered to hire and fire employees at will. Bank employees do not participate in the Civil Service Retirement System. They are covered by worker’s compensation insurance, purchased by the Bank, rather than the Federal Employees Compensation Act.

Employees traveling on Bank business are not subject to federal travel regulations and do not receive government employee discounts on lodging and services . . . Finally, the Banks are empowered to sue and be sued in their own name. 12 USC Section 341. They carry their own liability insurance and typically process and handle their own claims . . .” According to the Federal Reserve Bank of Philadelphia, “When the Federal Reserve was created, its stock was sold to the member banks.” (“The Hats The Federal Reserve Wears,” published by the Federal Reserve Bank of Philadelphia).

The original Stockholders of the Federal Reserve Banks in 1913 were the Rockefeller’s, JP Morgan, Rothschild’s, Lazard Freres, Schoellkopf, Kuhn-Loeb, Warburgs, Lehman Brothers and Goldman Sachs. The MONEYCHANGERS wanted to be insured they had a monopoly over our money supply, so Congress passed into law Title 12, Section 284 of the United States Code. Section 284 specifically states, “NO STOCK ALLOWED TO THE US” *

Monopoly – “A privilege or peculiar advantage vested in one or more persons or companies, consisting in the exclusive right [or power] to carry on a particular business or trade, manufacture a particular article, or control the sale of the whole supply of a particular commodity, A form of market structure in which only a few firms dominate the total sales of a product or service.

‘Monopoly,’ as prohibited by Section 2 of the Sherman Antitrust Act, has two elements: possession of a monopoly power in relevant market and willful acquisition or maintenance of that power, as distinguished from growth or development as a consequence of a superior power, business acumen, or historical product. A monopoly condemned by the Sherman Act is the power to fix prices, or exclude competition, coupled with policies designed to use and preserve that power.” (Black’s Law Dictionary, 6th Edition) The Federal Reserve Act goes one step further, “No Senator or Representative in Congress shall be a member of the Federal Reserve Board or an officer or director of a Federal Reserve Bank.” They didn’t want We The People to have any say in the operation of their monopoly through our elected officials.

Source: Daniel Doyle Benham

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Comment by Malcolm on September 11, 2014 at 7:48pm

PLEASE REVIEW YOUR ECONOMICS HISTORY ACUTE OBSERVER.  The U.S. was on a gold and silver standard in the 19th century and it did not disallow market expansion, it did not disallow population expansion, and it still could buy that same suit and shoes and meal with equal units of weight, proving that expanding the money supply is called INFLATING the money supply.   

Growth of the money supply with rates equal to the population and the markets is called  INFLATION of the money supply. Below are examples of what happens per your idealistic economics concept of what happens when you expand the money supply to "the market" or "the population growth."

500,000,000,000,000,000,000 Banknote (Yugoslavia)

The former European country of Yugoslavia experienced an amazing hyperinflation starting in 1989, until economic reforms took place in 1994. The highest banknote denomination in 1988 was 50,000 Dinara, but this had changed to 500,000,000,000 Dinara by 1994! 

Concentration Camp Banknotes (Czechoslovakia)

These banknotes were created by the Nazis for the concentration camp at Theresienstadt, Czechoslovakia. The camp served as a showpiece for the Nazis to demonstrate to the Red Cross and other agencies how Jewish prisoners were being treated well, providing them with cultural events and schools for their children. In reality, over 30,000 people died in Theresienstadt and almost 90,000 were sent from there to extermination camps further east. These 10 and 20 Kronen notes were part of the propaganda ploy presented to the Red Cross, but were simply papers with no value that were never used. 

One Hundred Trillion Dollars (Zimbabwe)

Worth about US$300, the Reserve Bank of Zimbabwe began printing these $100 trillion banknotes in January 2009. At the time, the country had the highest inflation rate in the world, and the bill pictured above was worth about US$300. In July 2008, the inflation rate reached a stunning 231 million percent! A single loaf of bread cost roughly 300 billion Zimbabwean dollars.

Comment by Acute Observer on September 11, 2014 at 7:26pm

"why do you believe it so crucial for the money supply (i.e. gold) to "grow"??"

Because the population does and if the money supply does not grow with the population, some will have everything and some will have none in the Future World of that society., or .. ALL will have LESS each. :)

"A money unit that doesn't expand in supply negates inflation and it negates paper games (such as derivatives)."

It also negates any form of market or population expansion. You have an ammount of private enterprises today and an ammount of people but no new can be created if they can not get proper legal tender to trade their goods for. The money supply needs to constantly and interactively match the total value and ammount of all private enterprises and their tangible products in the world.
If it does not match that, we'll quickly get a game where money can become scarce and get an unreasonable value as it will not be enough of it to go around.

Remember, the best legal tender there is is a tender that only keeps its value for as long as it stays in circulation. We're not quite there yet but the economic systems will undoubtedly end up like that anyway since all other alternatives will eventually collapse. :)

Comment by Malcolm on September 11, 2014 at 7:02pm

ACUTE OBSERVER: why do you believe it so crucial for the money supply (i.e. gold) to "grow"??  A money unit that doesn't expand in supply negates inflation and it negates paper games (such as derivatives).  It also forces people to focus on priorities of savings instead of spending, and because of such limited growth it forces governments to think twice before they spend (since they can't "print it out of thin air").

If you divide the U.S. national debt by the world supply of gold, that comes out to about $51,000 an ounce.  And that same ounce will still buy a suit and shoes, regardless of how much gold is mines on an annual basis.  

Comment by Acute Observer on September 11, 2014 at 6:48pm

What does it matter what you can get for an ounce of gold when you with the current population size combined with the total ammount of gold that is being mined today can only get 0.0070548oz of additional gold per year, or 0,007% of the suit you're buying. Hence it'll take you hundreds of years to save up for that suit provided that you spend your new money on nothing but this suit, if you follow the plan that has been suggested here that is. The other option to get a suit is to work as a consultant for a medium large company for 29 hours, get payed and then buy the suit (if wasting your money on clothes which functional value does not match its price is your forté that is: Personally I'd NEVER!). ;)

Comment by Malcolm on September 11, 2014 at 2:46pm

ACUTE OBSERVER: you have your valuation definition backwards. The real value (or intrinsic value) of gold and silver has not changed in 2,000 years.  The proof of this is that one ounce of gold could buy an excellent suit (with undergarments and shoes) during the Age of Rome, and this is equally true today with the same ounce of gold, in terms of valuation.  An ounce of silver could buy a chicken, a handful of vegetables, and a small container of wine in the Age of Rome, and the same one ounce of silver can buy a reasonable dinner today for a person.  Note that the tiny plot of land purchased by Judas for his suicide hanging was about $300 by measurement of the silver weight of the 30 pieces of silver.

Paper money not backed by anything dilutes in value when opportunistic politicians offer and expand the pretty pieces of paper held in a nation's treasury to the voters (and in return they stay elected).  And the central banks participate in this process by lending money to the government so it's opportunistic politicians can continue this scam, while the central bank is guaranteed repayment via the taxpayer. The problem is that the real value of money is diluted; this is why a Corvette sports car costing $50,000 today cost $10,000 in 1969 (and a McDonald's hamburger, fries, and drink cost about $2 in in 1969, and costs about $6 today). 

Comment by Acute Observer on September 11, 2014 at 12:56pm

If you want to go back to a gold- or silver-backed economy egain we MUST depopulate the earth first, otherwise there won't be enough metal to replenish every human on earth with these money.

I've calculated that IF we got a Gold-backed economy Today, the total ammount of gold you'd recieve per year for spending would be about 0,2 grams. That's all that's left per individual when we distribute the entire years gold production evenly amongst the population.

If we intend to keep the population of earth at 6 billion or more humans, we will need to have our currency presented in renewable materials instead of materials from finite deposits that will never be replenished again unless we get struck by a swarm of meteors. ;).

Comment by rev.joshua skirvin on September 11, 2014 at 11:16am

Now that we know the Truth and some of us has known it a long time, we need to tell others. I make it a point when ever I handle cash to make a joke about it and then to inform the people about this play money that is created out of then air. That it is not real money at all ! there is no gold or silver behind it, its not only the federal reserve notes but the whole world now. The DC knew it would come to this, thats why they planed for it to crash and to install the electronic money, the mark of the beast, the 666. The question is will we be able to change over to real money world wide before this fall hits us. They keep promising the RV and the TRN and the prosperity program along with the NASARA but as long as it includes the DC it will never arrive. We must pray! Adonai

Comment by Malcolm on September 10, 2014 at 2:14am

SUPINSKI IS A LYING PIECE OF TRASH. The Federal Reserve is a private corporation, and is not "an agency of the government." It is no more "federal" than Federal Express; note that the Federal Reserve is now listed in the yellow pages near Federal Express (and if you protest against the Federal Reserve in Dallas, Texas, you will see signs all over the place warning of "private property").

G. Edward Griffin wrote an excellent book (with much research) called "The Creature From Jekyl Island" that exposes the Federal Reserve for what it is: a Ponzi Scheme that forces others to use pretty pieces of paper called notes of indebtedness (or "Federal Reserve Notes") to substitute for gold and silver, which was the original money warranted for use by the U.S. Constitution.

Click for a 1.5 hour lecture by G. Edward Griffin on the creation of the Federal Reserve, the banking agents involved in creating the Federal Reserve (who quashed their smaller competition with it's creation), and it's Ponzi scheme involving the making of the dollar (a note of indebtedness) the dominant "money" to be used by worldwide (in which they create $10,000,000 of "money" (out of $200 worth of paper and ink) that is called money that YOU THE TAXPAYER OWE TO THEM).

Comment by Acute Observer on September 9, 2014 at 1:42pm

It's always the criminals themselves that seem to shout the most about anything worse than their own crimes when attention wears thin. ;)

I want to hear the sound-recording of this conversation before I will even consider if I'm going to believe it or not.

In the meantime we can have fun with this:


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