A Phone Call To The Federal Reserve Bank
following is a conversation with Mr. Ron Supinski of the Public
Department of the San Francisco Federal Reserve Bank. This is
an account of
CALLER - Mr. Supinski, does my country
own the Federal Reserve System?
MR. SUPINSKI - We are an agency of the
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?
MR. SUPINSKI - Yes
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?
MR. SUPINSKI - Yes
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
MR. SUPINSKI - Yes
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
MR. SUPINSKI - Gold, the Federal Reserve Bank itself and
CALLER - What value does the Federal Reserve
Bank carry gold per oz. on
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
billion in gold, the bank itself and the balance of the assets is
MR. SUPINSKI - Yes.
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
MR. SUPINSKI - Fifty to seventy cents.
CALLER - How much do they pay for a $100.00 Federal Reserve Note?
SUPINSKI - The same fifty to seventy cents.
CALLER - To pay only fifty
cents for a $100.00 is a tremendous gain, isn't it?
MR. SUPINSKI - Yes
CALLER - According to the US Treasury, the Federal Reserve pays $20.60
1,000 denomination or a little over two cents for a $100.00 bill, is
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
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
MR. SUPINSKI - I don't know.
CALLER - If the Federal Government would collect every Federal Reserve
in circulation would it be mathematically possible to pay the $4
MR. SUPINSKI - No
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
either. In other words, the Federal Reserve Notes were not
printed but, in reality were created by a journal entry and lent
at interest. Is that
MR. SUPINSKI - Yes
CALLER - Is that
the reason there are only $263 billion Federal Reserve Notes
MR. SUPINSKI - That is part of the reason.
CALLER - Am I
mistaking that when the Federal Reserve Act was passed (on
in 1913, it transferred the power to coin and issue our nation's
to regulate the value thereof from Congress to a Private corporation.
my country now borrows what should be our own money from the
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?
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
CALLER - Why is there a current House Resolution 1486 calling for
audit of the Federal Reserve by the GAO and why is the Federal
MR. SUPINSKI - I don't know.
CALLER - Does the
Federal Reserve regulate the value of Federal Reserve
Notes and interest
MR. SUPINSKI - Yes
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
CALLER - I can tell you I have read the Constitution. It does NOT provide
any power granted can be transferred to a private corporation. Doesn't
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
provided by our Constitution?
MR. SUPINSKI - I understand what you
CALLER - Why should we borrow our own money from a private
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
MR. SUPINSKI - I believe there has
been court cases on the matter.
CALLER - Have there been Supreme Court
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
unconstitutional delegation of legislative power? ["The power
the power to regulate. This is legislative delegation in its most
form; for it is not even delegation to an official or an official
presumptively disinterested, but to private persons." Carter vs.
MR. SUPINSKI - I don't know, I can refer you to our
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
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)?
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
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
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.
the punishment of treason death?
MR. SUPINSKI - I believe so.
Thank you for your time and information and if I may say so, I think
should take the necessary steps to protect you and your family and
your money from the banks before the collapse, I am.
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
MR. SUPINSKI - Unfortunately, it does not look good.
- Have a good day and thanks for your time.
MR. SUPINSKI - Thanks for
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] nor as 'mixed ownership' corporations [under 31
856] . . . 28 USC Sections 1346(b), 2671. '
Federal agency' is defined
as: the executive departments, the military
establishments of the United States, and corporations
acting primarily as
instrumentality's of the United States, but does not include
contractors with the United States . . . There are no sharp criteria
determining whether an entity is a federal agency within the meaning of
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,
applying the relevant factors, we conclude that the Reserve Banks are
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
Reserve Banks . . . The fact that the Federal Reserve Board regulates
Reserve Banks does not make them federal agencies under the Act . . .
typical federal agencies, each bank is empowered to hire and fire
will. Bank employees do not participate in the Civil Service
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
regulations and do not receive government employee discounts on
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
The original Stockholders of the Federal Reserve Banks
in 1913 were the
Rockefeller's, JP Morgan, Rothschild's, Lazard Freres,
Warburgs, Lehman Brothers and Goldman Sachs. The
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
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