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One of the provisions of SARBOX is that companies must certify their financial statements. Another has the effect of requiring full and complete disclosure of unrelated entities, which was the way Enron created assets out of thin air with shell companies domesticated in tax-haven countries.

There is a very urgent SARBOX issue with respect to every commercial bank that owns any shares in the US Federal Reserve: what value to you put on the shares for purposes of reporting them as an asset? How do you 'mark to market' a share that is not traded on the open market? You cannot. Until you can, these numbers are only a guess, and I would suggest a fraudulent one.

Why is this important? Before we can cure the curse of fiat money, we must regain control of it. How would the federal government repurchase all the shares in the Federal Reserve Corporation? What is the value, in terms of US Dollars, of a corporation that has the legal monopoly on creation of US Dollars? Well, dollars cannot buy it!

Of course, this would be a gigantic political battle, if some conservative candidate for high office would care to bring it up. But you can guarantee that there would be a very long line of learned experts the MSM would parade in front of the cameras and onto talking head shows that would assure us that the Federal Reserve should be protected, not dismantled.

There are a very large number of powerful people who make lots of money from the money system we presently have. The biggest beneficiary of all is the federal government because the fiat scheme coupled with built-in inflation means they can have all the money they can get away with and never have to pay off the debt.

We are all enslaved by this system. Want to escape? Anyone who expatriates (leaves the US and gives up their citizenship), must continue to file and pay US taxes for an additional 10 years. Not only that, but the law allows them to be prohibited from ever returning.

Slavery is servitude when you cannot escape your master. The TIAs (Tax Information Agreements) the US has with many other countries insures that if you have assets in any of those countries and the IRS thinks you owe them, they can and will seize the money. Come near to them, and they will seize you too!

These issues are all part of the same power-grabbing conversion of our liberty-based Constitution to the one we have now.

Thanks for your thoughts. It's refreshing to see a poster that understands the issues. But we need a Fredrich Hayek to explain it to the average Joe.

I'm curious why you think our government would want or need to buy out the 'Fed'. I haven't read all the details of the original Federal Reserve Act law but I don't recall it saying that a rescission of that law would necessitate a buyout of the 'Fed'.

I agree that our federal government has a good deal and that they can pass on interests costs to the taxpayer. Russo basically concludes (and mostly correctly IMO) that the 1040 taxes are to pay the 'Fed' bills. But they would also have a good deal if they just printed or created the money themselves under a Department of Treasury Monetary Service. The 1040 income taxes would continue on for the purpose of paying the remaining 'Fed' debt. After a generation or two those taxes would no longer be necessary.

So the question remains 'Why do we permit our federal government to pay interest to a private company calling itself the 'Fed' when our feds can do the same that the 'Fed' is doing?'. It really is an intriguing question and I think you hit on it with your 'servitude' 'slavery' notions. They basically want everyone in debt and loving it. As Russo's film says we are going to love driving that red Corvette while we are in debt up to our eyeballs.

So a thought experiment would be this: Assume the American people wise up and cause passage of a law to overturn the Federal Reserve Act of 1913. Despite the implausibility of that happening quickly or soon, assume that if it were to happen, what then?

All of a sudden a huge cash stream of interest on new debt would be foreclosed on and the 'Fed' beneficiaries would have an adjustment shock.

But here is a thought question, how would similar international central banks react to the US dollar in such a situation? Assuming again that they are all tied together in our 'global village', they would suddenly view the American worker as no longer a cash cow for future revenue projections. Because it is the American worker that is paying the bill in those 1040 returns and such workers would only continue to pay on the existing debt, not new debt. (Already I am making it too wordy to keep an attention span.) But the conclusion would be that other financial banks would change their currency base from US dollar to something else as they are attempting to do now because of inflation and other concerns. In other words the dollar would collapse? Maybe yes or maybe no. It depends on the resultant psychology of financial markets.