A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from February 05, 2011
Criminal Reserve (Federal Reserve nickname)

The Federal Reserve System has many critics, including some who want to “end the Fed.” The term “Criminal Reserve” (cited in print since at least 2008) is an unflattering nickname for the Federal Reserve.

The blog Zero Hedge has used the nickname “Criminal Reserve” several times in articles and comments since 2010.


Wikipedia: Federal Reserve System
The Federal Reserve System (also known as the Federal Reserve, and informally as The Fed) is the central banking system of the United States. It was created in 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907. Over time, the roles and responsibilities of the Federal Reserve System have expanded and its structure has evolved. Events such as the Great Depression were major factors leading to changes in the system. Its duties today, according to official Federal Reserve documentation, are to conduct the nation’s monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to depository institutions, the U.S. government, and foreign official institutions.

The Federal Reserve System’s structure is composed of the presidentially appointed Board of Governors (or Federal Reserve Board), the Federal Open Market Committee (FOMC), twelve regional Federal Reserve Banks located in major cities throughout the nation, numerous other private U.S. member banks and various advisory councils. The FOMC is the committee responsible for setting monetary policy and consists of all seven members of the Board of Governors and the twelve regional bank presidents, though only five bank presidents vote at any given time. The responsibilities of the central bank are divided into several separate and independent parts, some private and some public. The result is a structure that is considered unique among central banks. It is also unusual in that an entity outside of the central bank, namely the United States Department of the Treasury, creates the currency used.

According to the Board of Governors, the Federal Reserve is independent within government in that “its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government.” However, its authority is derived from the U.S. Congress and is subject to congressional oversight. Additionally, the members of the Board of Governors, including its chairman and vice-chairman, are chosen by the President and confirmed by Congress. The government also exercises some control over the Federal Reserve by appointing and setting the salaries of the system’s highest-level employees. Thus the Federal Reserve has both private and public aspects. The U.S. Government receives all of the system’s annual profits, after a statutory dividend of 6% on member banks’ capital investment is paid, and an account surplus is maintained. The Federal Reserve transferred a record amount of $45 billion to the U.S. Treasury in 2009.

HousingPANIC
Pay Lay Ale said…
How about the IRS? It takes a lot more of my my money and gives me a lot less in return than the oil companies.
And then there’s the Criminal Reserve, which devalues any money I have left over after the IRS steals from me.
June 11, 2008 1:32 AM

Swine Flu Vaccines, Genetically Modified Food, and the Depopulation Agenda
Thursday, September 3, 2009
The Move to Depopulate the Planet
(...)
COMMENTS
JJ Reply:
August 27th, 2009 at 8:27 pm
#####END THE CRIMINAL RESERVE – ACTION STEPS#####

Zero Hedge
Nobel Prize-Winning Economist: Federal Reserve System is Corrupt and Undermines Democracy
Submitted by George Washington on 03/04/2010 15:35 -0500
Joseph Stiglitz - former head economist at the World Bank and a nobel-prize winner - said yesterday that the very structure of the Federal Reserve system is so fraught with conflicts that it is “corrupt” and undermines democracy.
(...)
COMMENTS
by Anonymous
on Thu, 03/04/2010 - 17:36
#254198
“A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the Nation, therefore, and all our activities are in the hands of a few men… We have come to be one of the worst ruled, one of the most completely controlled and dominated, governments in the civilized world—no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and the duress of small groups of dominant men.”
-Woodrow Wilson, Senate Doc. 23, 76th Congress, 1st Session
after assisting with the enactment of the Federal Reserve Act, which gave birth to the Criminal Reserve

Zero Hedge
POMO Comes At Huge Submitted-To-Accepted Ratio, Market Dumps
Submitted by Tyler Durden on 01/27/2011 11:36 -0500
(...)
In other news, after we screamed blood murder on the “Flip The Bond” scheme conducted by the Criminal Reserve, it seems someone has noticed: only $250MM of PW4 was monetized by the PDs.
(...)
COMMENTS
by Racer
on Thu, 01/27/2011 - 11:53
#909558
“Criminal Reserve”
Yes say it like it is TD, keep up the excellent work

Zero Hedge
Jim Grant: “The Fed Is Now In The Business Of Manipulating The Stock Market...Should Confess It Has Sinned Grievously”
Submitted by Tyler Durden on 01/28/2011 16:03 -0500
Jim Grant, who will never be accused of being a fan of the Criminal Reserve, and whose views on what will happen to asset prices in a printer-happy world are gradually being validated, appeared on Bloomberg TV, telling Margaret Brennan upfront that Bernanke owes the world an apology.

Wallstreet Nostradamus
Saturday, January 29, 2011
29 Jan Criminal Reserve
wow, read somewhere some analyst accusing FED of being a Criminal Reserve, manipulating stock market, and the NY FED is leveraged upto 80:1. 

Posted by Barry Popik
New York CityBanking/Finance/Insurance • (0) Comments • Saturday, February 05, 2011 • Permalink