Symbolism

[Phatscotty]

I guess you would prefer we all be uneducated louts beholden to the church so some leech of a man could tell us how to live our lives and demand a tithe so he could live high and mighty while the common folk wallow?

Hrm, I might wonder what kind of person would make such a conclusion about a leech of a man telling us how to live our lives without the understanding that we can flat out refuse to live our lives that way right to their face and tell them to shove it? And if you did that, what is it you fear would happen to you? (of course, be sure to completely ignore this question)

I might also wonder what kind of person would base such a conclusion about a leech of a man 'demanding' a tithe, when the reality is you can refuse to voluntarily give 10% of your income or even a single dollar, you can tell them they are greedy money grubbers and you just came for the music and group singing and to meet members of your community. and if you did that, what is it your fear would happen to you? (of course, be sure to completely ignore this question)

I might assume that the kind of person who makes such conclusions about things nobody is forced to do against their will no doubt makes completely opposite conclusions about the well meaning political leaders with a heart of gold so long as they are in the right party who makes laws telling us how we will and will not lives our lives and if we don't follow their laws they can beat you up and throw you in jail, but it's probably cool because the political leaders only 'ask nicely' that 15-50% of your paycheck is taken from you before you even open the envelope to see how much 15$/hour gets you when you actually only get $11.75, and if you don't they can beat you up and throw you in jail. Then when you die they come and take up to 49% of the 50% that you got to keep, but of course they don't live high and mighty and actually live severely humbled lives.

...evidenced by the fact that they spend almost a billion dollars to get a job that pays 400 thousand/year.
Let me know when that leech man person flies out to be on a talk show and sends you the bill.

The President and First Lady both filmed TV appearances in Burbank, California on Thursday - but billed taxpayers for two separate private flights to get there.
Barack Obama took Air Force One to LAX, at a cost of more than $1million, so he could be on Jimmy Kimmel Live.
But, rather than ride with him, Michelle Obama chartered a different, earlier plane for a slot on The Ellen DeGeneres Show, filmed in the same LA suburb as Kimmel's program.

http://www.dailymail.co.uk/news/article ... apart.html

But really that's peanuts...

The 60 rooms booked for Michelle Obama and co. at the 129-room Hotel Villa Padierna

http://www.dailymail.co.uk/news/article ... liday.html

I agree with you about the common folk wallowing, but it angers me that folks who are by no means common but gave this country so much more than the overwhelming majority of us can possibly imagine only dream about temporarily being able to wallow.

[Metsfanmax]

Since we went off the Constitutional gold n silver

The Constitution does not require that we use gold for money or that the value of paper money should be tied to an amount of gold or its value.

As to whether we should be doing this, I quote Richard Thaler: "Why tie to gold? Why not 1982 Bordeaux?"

The value of gold is not stable, and it just seems ludicrous that people are even suggesting this. If you want to completely upend the monetary system to avoid the 'dangers' of fiat currency, at least pick a standard that isn't so volatile.

[Phatscotty]

Since we went off the Constitutional gold n silver

The Constitution does not require that we use gold for money or that the value of paper money should be tied to an amount of gold or its value.

As to whether we should be doing this, I quote Richard Thaler: "Why tie to gold? Why not 1982 Bordeaux?"

The value of gold is not stable, and it just seems ludicrous that people are even suggesting this. If you want to completely upend the monetary system to avoid the 'dangers' of fiat currency, at least pick a standard that isn't so volatile.

U.S. Constitution - Article 1 Section 10
No state shall......make any Thing but gold and silver Coin a Tender in Payment of Debts

gold is priced in dollars, it's the dollar that is unstable.



Gold and USD are inverse in value. For around 10 years between early 2000 and up to a few years ago (may be current just last time I checked) you could flip a gold chart upside down, lay it on a dollar map, and basically it would match. The more the USD is debased and printed from thin air, the more weaker dollars it will take to buy tomorrow what a dollar bought today, the more weaker dollars it will take to buy an ounce of gold.

100 years ago and ounce of gold would buy you a very nice suit along with ties and shirts and socks and shoes. Today, an ounce of gold will buy you a very nice suit along with ties and shirts and socks and shoes. 100 years ago, a nickel would by my grandpa 2 coney island hot dogs and a large root beer float. Today, A nickel will buy you 1/5th of the cheapest hot dog bun you can get.

The prices have not went up, the value of the currency has went down.

I think it's safe to say the monetary system is writing the book an how to be upended.

[warmonger1981]

Jgordon1111. I think the question should be " can you borrow $25 dollars?" If not you should repay the Right Worship Master a quarter dollar and your Mark. I'm sure someone put a quarter dollar in your pocket.

As far as gold goes its always basically the price of a fine suit.


PS since you brought up the Rap Game. If you know who KRSOne is. Gotta listen between the 10 minute to 13 minute. It says it all.

http://m.youtube.com/watch?v=JFuErqBY9Kw

[Metsfanmax]

U.S. Constitution - Article 1 Section 10
No state shall......make any Thing but gold and silver Coin a Tender in Payment of Debts

Are there states I am not aware of that are in the business of coining money these days? Otherwise, that is an irrelevant statement. The federal government coins money.

Furthermore, even if that was a restriction on the federal government, that clearly says that gold and silver themselves must be the methods of payment for debts, which is very different from having paper money which is indexed to the value of gold. And since we've been using copper for coins since the 1790s, I'd say that we "went off the Constitution" quite a while back.

But in reality we didn't, because what that is really saying is that the only legal tender a state can validate are gold and silver.

gold is priced in dollars, it's the dollar that is unstable.

There are factors affecting the real price of gold other than the factors that affect its nominal price. Like any commodity, gold is affected by supply and demand, and the supply and demand are not constant over time, so neither is its real price. Your argument is like econ 101, "lol inflation," but you need to do better than that, because everyone who has thought for 5 minutes about the gold standard can separate the value of the currency itself from the value of the commodity. Especially considering it completely glosses over factors like short-term price variability -- you're comparing 1916 to 2016, but markets move on timescales slightly faster than a century.

[Phatscotty]

Jgordon1111. I think the question should be " can you borrow $25 dollars?" If not you should repay the Right Worship Master a quarter dollar and your Mark. I'm sure someone put a quarter dollar in your pocket.

As far as gold goes its always basically the price of a fine suit.


PS since you brought up the Rap Game. If you know who KRSOne is. Gotta listen between the 10 minute to 13 minute. It says it all.

http://m.youtube.com/watch?v=JFuErqBY9Kw

oh yeah. Here's my fav KRS-1

KLACKA KLACKA!!!

[Phatscotty]

U.S. Constitution - Article 1 Section 10
No state shall......make any Thing but gold and silver Coin a Tender in Payment of Debts

Are there states I am not aware of that are in the business of coining money these days? Otherwise, that is an irrelevant statement. The federal government coins money.

Furthermore, even if that was a restriction on the federal government, that clearly says that gold and silver themselves must be the methods of payment for debts, which is very different from having paper money which is indexed to the value of gold. And since we've been using copper for coins since the 1790s, I'd say that we "went off the Constitution" quite a while back.

But in reality we didn't, because what that is really saying is that the only legal tender a state can validate are gold and silver.

gold is priced in dollars, it's the dollar that is unstable.

There are factors affecting the real price of gold other than the factors that affect its nominal price. Like any commodity, gold is affected by supply and demand, and the supply and demand are not constant over time, so neither is its real price. Your argument is like econ 101, "lol inflation," but you need to do better than that, because everyone who has thought for 5 minutes about the gold standard can separate the value of the currency itself from the value of the commodity. Especially considering it completely glosses over factors like short-term price variability -- you're comparing 1916 to 2016, but markets move on timescales slightly faster than a century.

well, my argument isn't actually like econ 101, your supply n demand is econ 101.

The central banks tamper so much in so many ways investors have been losing their minds trying to judge by supply n demand. Besides debasing the US dollar...
gold leasing
Gibsons paradox
carry trades
market manipulation
market makers
naked shorts
banks allowed to make more short contracts for gold than there is gold in existence
Blanchard company
geopolitics
terrorism
nuclear threats
cornered markets
military aggression
exchange traded funds
industrial usage
depleted stockpiles
'paper' gold
shortage of open pit mines
gold miners hedging against their own product
IMF/World Bank policies

That's just off the top of my head. I can tackle what each one of these means in due time

[Metsfanmax]

U.S. Constitution - Article 1 Section 10
No state shall......make any Thing but gold and silver Coin a Tender in Payment of Debts

Are there states I am not aware of that are in the business of coining money these days? Otherwise, that is an irrelevant statement. The federal government coins money.

Furthermore, even if that was a restriction on the federal government, that clearly says that gold and silver themselves must be the methods of payment for debts, which is very different from having paper money which is indexed to the value of gold. And since we've been using copper for coins since the 1790s, I'd say that we "went off the Constitution" quite a while back.

But in reality we didn't, because what that is really saying is that the only legal tender a state can validate are gold and silver.

gold is priced in dollars, it's the dollar that is unstable.

There are factors affecting the real price of gold other than the factors that affect its nominal price. Like any commodity, gold is affected by supply and demand, and the supply and demand are not constant over time, so neither is its real price. Your argument is like econ 101, "lol inflation," but you need to do better than that, because everyone who has thought for 5 minutes about the gold standard can separate the value of the currency itself from the value of the commodity. Especially considering it completely glosses over factors like short-term price variability -- you're comparing 1916 to 2016, but markets move on timescales slightly faster than a century.

well, my argument isn't actually like econ 101, your supply n demand is econ 101.

The central banks tamper so much in so many ways investors have been losing their minds trying to judge by supply n demand. Besides debasing the US dollar...
gold leasing
Gibsons paradox
carry trades
market manipulation
market makers
naked shorts
banks allowed to make more short contracts for gold than there is gold in existence
Blanchard company
geopolitics
terrorism
nuclear threats
cornered markets
military aggression
exchange traded funds
industrial usage
depleted stockpiles
'paper' gold
shortage of open pit mines
gold miners hedging against their own product
IMF/World Bank policies

That's just off the top of my head. I can tackle what each one of these means in due time

So will you agree that this is a list of reasons why the gold standard is not a good idea?

[jgordon1111]

Seems more of a list why fiat paper money isn't a good idea, if you think about it

[warmonger1981]

Unless your the person who controls money supply or interest rates.

[Metsfanmax]

Seems more of a list why fiat paper money isn't a good idea, if you think about it

I did think about it, which is why I posted. But please, elaborate if you think I am incorrect.

[jgordon1111]

Seems more of a list why fiat paper money isn't a good idea, if you think about it

I did think about it, which is why I posted. But please, elaborate if you think I am incorrect.

You are correct, a bit of proof you are try going to the bank and get Eisenhower dollars or now even Kennedy half dollars, those who know realize paper money is good for toilet paper or lighting a fire maybe, not much else, sometime ago my associate's started buying them up as quick as possible, now ask a bank about them and the answer you will get makes you laugh or be sad depending how you view the situation

[tzor]

Paper currency is a lot more complicated than coin currency in terms of value and wealth. Paper money wears out easily and quickly loses its potential value for collectors. Here is a guide. Still, it's not that bad.

A 1928 one dollar bill has the purchasing power of $13.66 today. But uncirculated you could get $200 for it.
That's 87 years so ignoring inflation that is like a 3% compound interest rate of investment.

That's sort of the irony of government. It can print as many 2016 bills as it wants, but it can't print any more 1928 bills with the really cute red seals on them.

[jgordon1111]

Paper currency is a lot more complicated than coin currency in terms of value and wealth. Paper money wears out easily and quickly loses its potential value for collectors. Here is a guide. Still, it's not that bad.

A 1928 one dollar bill has the purchasing power of $13.66 today. But uncirculated you could get $200 for it.
That's 87 years so ignoring inflation that is like a 3% compound interest rate of investment.

That's sort of the irony of government. It can print as many 2016 bills as it wants, but it can't print any more 1928 bills with the really cute red seals on them.

Yes that paper money is given intrinsic value because of age and condition, same goes for coins. But give a real answer of what value a paper dollar printed a month ago really has except what they tell you it is. Lmao

[Bernie Sanders]

Paper currency is a lot more complicated than coin currency in terms of value and wealth. Paper money wears out easily and quickly loses its potential value for collectors. Here is a guide. Still, it's not that bad.

A 1928 one dollar bill has the purchasing power of $13.66 today. But uncirculated you could get $200 for it.
That's 87 years so ignoring inflation that is like a 3% compound interest rate of investment.

That's sort of the irony of government. It can print as many 2016 bills as it wants, but it can't print any more 1928 bills with the really cute red seals on them.

Yes that paper money is given intrinsic value because of age and condition, same goes for coins. But give a real answer of what value a paper dollar printed a month ago really has except what they tell you it is. Lmao

It's all based on speculation and that includes GOLD. If you would have invested in GOLD in 2011 in your retirement plan, you would have lost a fortune.

The paper dollar you speak of? It would of been a much safer investment left in your mattress or low yield savings account.

[tzor]

Yes that paper money is given intrinsic value because of age and condition, same goes for coins. But give a real answer of what value a paper dollar printed a month ago really has except what they tell you it is. Lmao

Actually that's the wonder of fiat currency; they don't tell you squat. Commodity based currency is based on the fixed exchange rate between the currency and commodity so the issuer definitely has control over that.

But in a pure fiat currency, there is nothing the government can give you for it in a fixed manner, so the value is purely what the other person is willing to give for a particular commodity or service.

The biggest problem with fiat currency isn't that there is a fixed commodity value that holds it fast, but that it is easy to dilute the value by simply increasing the supply. Now if you want the worst of both worlds, consider "Unallocated gold certificates" where there is no one to one relationship between the notes and the commodity underneath it (the gold). This this is a variant of the modern fractional reserve banking system it is not only possible that more certificates could be printed diluting the value of the certificates (especially if there is a "run on the bank") by individual holders because there is not enough commodity in storage to support the currency.

In fact unallocated gold certificates put an interesting twist to the problem, long before the fiat currency standard was adopted. The "gold standard" wasn't without its tarnish, and it was so bad that there was a famous book that was claimed to promote the Silverite cause (a combined silver / gold standard) called the "Wizard of Oz."

[jgordon1111]

Again Tzor, I was surprised that you know that, not many have ever heard of that particular correlation.
But really go to any bank and ask for Eisenhower dollars or Kennedy halts, and watch and listen to the response you get,remember these are the institutions that hold your (money) and should be able to produce any currency that is in circulation to you, per federal regulations and if you really want to upset them remind them of this fact.

Side note sry Scotty for derailing your topic

[jgordon1111]

Just realized my error, sry warmonger

[tzor]

But really go to any bank and ask for Eisenhower dollars or Kennedy halts, and watch and listen to the response you get,remember these are the institutions that hold your (money) and should be able to produce any currency that is in circulation to you, per federal regulations and if you really want to upset them remind them of this fact.

The Eisenhower dollar has been out of production since 1978. The notion that banks should have all "currency" in circulation is nonsense. I am pretty sure that they don't have the bicentennial $2 bills either.

On the other hand, The Sacagawea dollar has been out of production since 2008 and last year I was able to get two rolls of them because it's much cooler to hand out what looks like gold coins at a Renn Faire.

The only Kennedy coins are for collectors.

P.S. Can you cite the specific regulation in question. I am not able to Google it up. (Especially since most queries wind up looking at "Currency in Circulation" hits which has nothing to do with this subject.)

[warmonger1981]

Masonic Symbolisms on One Dollar

The eagle has 32 feathers on its right wing, the number of ordinary degrees in Scottish Rite Freemasonry.

The left wing has 33 feathers, corresponding to the 33rd degree of the same rite conferred for outstanding Masonic service.

The tail feathers number nine – the number of degrees in Chapter, Council and Commandery of the York Rite.

Scottish Rite had its origins in France which with the York Rite being American there is a representation of union of French and American masons in the struggle for Liberty, Equality and Fraternity.

The total number of feathers totals 65 which, by gematria, is the value of ‘gam yachad’ ( 3+40+10+8+4) [Psalm 133- Hinei ma tov etc] a phrase often used in Freemasonry.

The glory above the eagle’s head is divided into 24 equal parts reminiscent of the 24 inch gauge and is emblematic of the service you are to perform every hour of the day.

The 5 pointed star may remind you of the Masonic Blazing star and the 5 points of fellowship.

The arrangement of the stars in the aforementioned constellation can form overlapping equilateral triangles and this, the Star of David, brings to mind the dream of a Temple.

The gold silver and azure colours represent the sun moon and the WM i.e. the three small lights certainly of the Nederlandic rite [which had its origins in France].

The golden glory may remind you of the letter G, a conspicuous furnishing in any Lodge room.

The colours of the shield on the Eagle’s breast – red, white and blue –are familiar to Royal Arch Masons.

On the reverse [your left] is the All Seeing Eye within a Triangle surrounded by a golden glory.

Besides the obvious Masonic significance of this design [just look behind the WM] it is also evident on the jewel of a Grand Master. – but not known before 1782.

However this triangle is equilateral entertaining a reference to the number 3; of Masonic interest.

The triangle is well known to all masons and may represent the capstone of the unfinished pyramid.

An isosceles triangle [2 even length sides] illustrates the Pythagorean Theorem or 47th Problem of Euclid.

Note that this triangle is not equilateral. Look carefully.

The pyramid has 13 steps.

It has light and dark sides – symbolical of the profane and initiated?

Now one might think that number 13 was unlucky for some but consider the following:

13 original colonies
13 signatories to the declaration of independence
13 stripes on the flag
13 letters in Latin over the pyramid ANNUIT COEPTI S
13 stars above the eagle
13 bars on the shield
13 leaves on the olive branch
13 arrows
13 is the gematria of ‘echad’ i.e. one denoting unity

http://www.freemasons-freemasonry.com/m ... ollar.html

[jgordon1111]

But really go to any bank and ask for Eisenhower dollars or Kennedy halts, and watch and listen to the response you get,remember these are the institutions that hold your (money) and should be able to produce any currency that is in circulation to you, per federal regulations and if you really want to upset them remind them of this fact.

The Eisenhower dollar has been out of production since 1978. The notion that banks should have all "currency" in circulation is nonsense. I am pretty sure that they don't have the bicentennial $2 bills either.

On the other hand, The Sacagawea dollar has been out of production since 2008 and last year I was able to get two rolls of them because it's much cooler to hand out what looks like gold coins at a Renn Faire.

The only Kennedy coins are for collectors.

P.S. Can you cite the specific regulation in question. I am not able to Google it up. (Especially since most queries wind up looking at "Currency in Circulation" hits which has nothing to do with this subject.)

Tzor production is different than circulation
Look at the regulations that took USA off gold standard if memory serves correct your answer is there about money that can be cirulated and banks guidelines for making sure that those guidelines are followed

[Phatscotty]

Paper currency is a lot more complicated than coin currency in terms of value and wealth. Paper money wears out easily and quickly loses its potential value for collectors. Here is a guide. Still, it's not that bad.

A 1928 one dollar bill has the purchasing power of $13.66 today. But uncirculated you could get $200 for it.
That's 87 years so ignoring inflation that is like a 3% compound interest rate of investment.

That's sort of the irony of government. It can print as many 2016 bills as it wants, but it can't print any more 1928 bills with the really cute red seals on them.

My new FAV thread! K so I was trying to figure out which response between Mets and JG more deserved a reply with hidden symbolism which won't be so hidden as soon as I explain the reasoning (and lack of reasoning!) for how it's relevant here. Mets is right because his statement is at least mostly correct since the dollar rules everything around us and our monetary system exists as it is, but JG is right too in that the system itself is 'wrong' especially in a historical and Constitutional sense, not to mention the concept that all forms of currency really should have at least something real backing it up. As well as sure, currency can function just fine with nothing backing it, and since ours is based on debt it really can be said to be backed up by less than nothing. But Tzor also brought up something else equally relevant and extremely important so I'll relate this to all of the above. I want to get into Gibson's paradox and how that one alone explains an awful lot and starts putting the pieces together for understanding the schism of the opposing viewpoint/dollar instability. Plus, what I see from Tzor's picture and the reverse of like bills from similar time



I don't see 'In God We Trust' anywhere on that bill which at least lends credence to my earlier opinings that IGWT has as much if not more to do with the paper money not being back by anything, ie faith based currency ie fiat currency. Leaving out the obvious truth that you can only have banks operating under a fractional reserve system when the money system runs by fiat for another day in another thread where we can compound exponentally just how much better a commodity or at least something tangible which stores value backed currency is much preferable while stating up front of course no system is perfect but the risks in a fiat system FAR exceed the risks of a backed currency even if mainly summed up the gold/commodity is an asset, whereas paper money is a liability.

anyone who saw the movie 'Dead Presidents' no doubt remember a few main things. One of those was the heist pulled off at a Federal Reserve bank.



Emphasis on Chris Tucker's line 'Shit! I just can't believe they were going to BURN all this money!!!' The point is the heist seems in some ways justified because the men, most of which are drafted Vietnam vets and experiencing truly hard times coming across enough money to make ends meet. When they hear about how ALL that money is going to be sent to the Federal Reserve Bank to be destroyed by fire, they almost feel entitled to stealing it. But the crazy thing is that since it based in a fiat system nobody seems to understand nor does it seem to matter that police along with the thiefs are all putting their lives on the line to protect/liberate trucks filled with paper which in reality has no value, evidenced by the fact that the money creators were going to burn the money.

[warmonger1981]

May I suggest a documentary.

https://www.google.com/url?sa=t&source= ... VDuHY85uBw

Symbolism in the movie Wizard of Oz

Dorothy – everyman and woman, a simple, Populist character from the heartland of American Populism, Kansas.

Scarecrow – farmers, agricultural workers, ignorant of many city things but honest and able to understand things with a little education. A strong supporter of Dorothy (Populism).
Tin Man – industrial workers; a woodchopper whose entire body has been replaced with metal parts, thus dehumanized by machinery (robot-like with no heart) in need of oil (liquidity/money) to work, otherwise unemployed (he was idle for a year) without oil.

Cowardly Lion – Wm. Jenning Bryan, a famous politician and Populist Presidential candidate in 1896 and 1900 (Oz was written in 1900) for monetary reform and a terrific orator (i.e., roar). Bryan was attacked as being somewhat cowardly for not supporting the US war with Spain. As a Populist Presidential candidate he sought to go to the capitol city – the Emerald city. Bryan’s famous “Cross of Gold” speech is posted below.

rubyRuby Slippers – these are silver in the book. Hollywood changed them to ruby red to take advantage of the new Technicolor used in the movie version, evidently ignorant of the meaning of the silver. Byran and many other Greenbackers (monetary reformers supporting use of debt-free US Notes like Lincoln’s Greenbacks to increase the money supply and thereby end the depression then) shifted their tactics to the promotion of adding silver to the lawful coinage of America (i.e., to promoting a bi-metallic standard rather than the theoretically purer, fiat Greenbacks) when they realized they could thereby gain the backing of the powerful silver mining interests and still increase the money supply (without debt) to more than just gold. Silver thus became a symbol of overcoming a purely gold standard with the limited money supply and banker control that resulted in. Hence the silver slippers were extremely important in the book, as silver coin was in reality.
Kansas – a Populist stronghold, home of Dorothy, symbolized the national heartland.

On the Federal Reserve
Question: Doesn’t the fact that the President appoints the Board of Governors of the Federal Reserve System make it a quasi-governmental sort of entity? Answer: Yes, but how “quasi” is quasi-enough? The Board of Governors of the System consists of 7 members, one appointed every two years (one term begins every two years, on February 1 of even-numbered years, a full year after inauguration day) by the President and confirmed by the Senate for 14 year terms. Wow -those are really long terms. Why? Let’s see: if a new President comes into office pledged to reform the Fed, end its independence from effective government oversight, throw the rascals out and replace them with his own appointees, he had better be very patient, as he can only replace one member every two years. So in his four year term (10 years less than Fed Governors – terms) he can replace only two of the 7 members. Of course, he had better be able to sustain the ire of the remaining Governors (almost all connected to financial institutions indirectly in various academic and think-tank institutions financed by banks and bank grants or loans, or which they hope to join in revolving door relationships after their single terms are up), who can run the economy up, down or sideways, in the interim.

But assuming the President can sustain the fight with the Fed, its bank-PAC financed cheerleaders in the Senate, voters upset over a suddenly sinking economy, the banks who control the Fed and the media giants they also own, then all this brave but foolhardy President has to do is get elected to a second term, and hang on long enough to appoint two more Board members. Thus, assuming all of this goes well, in the span of seven years (a glacial pace in American politics), near the end of his second term, he can finally begin some reform – if he manages to get his four appointees confirmed, is still in office and has any allies left – even in his own party. We think the prefixed word quasi-governmental is a good one, if you understandquasi- to mean pseudo.
Keep in mind also the distinction between the 12 regional Federal Reserve Banks, and the Federal Reserve System as a whole. The private ownership of the 12 Federal Reserve banks we addressed above. “Federal Reserve System” usually refers to the entire framework established by the Federal Reserve Act of 1913, including those 12, privately owned Federal Reserve Banks, and the Board of Governors of the system, which meets in Washington D.C. The Fed Board of Governors was also established by the Act of 1913. These are the 7 members with 14-year terms, also mentioned above. Two of them are appointed by the President to 4-year terms as Chairman and Vice Chairman of the Board (largely nominal positions – no extra votes). They, of course, are not owned like corporation stock is owned. So when someone is trying to mislead folks by denying any private ownership of the Fed, they will inevitably refer to the Federal Reserve System (rather than to the Federal Reserve Banks) and declare it is not privately owned (which is partly true [the Fed Board of Governors is not “owned”], and partly false [the 12 Federal Reserve banks are]).
http://www.themoneymasters.com/faqs/

[riskllama]

kind of a neat analogy, warmongo...