"The Fed"

 

 

If you search Wikipedia for "Federal Reserve," you might be surprised to find that there is no such entry. That is because the "Fed" is not an entity; it is a system.

The Federal Reserve Bank of New York is located on 33 Liberty Street. The President is William Dudley It is the largest Federal Reserve bank in terms of assets and volume.

Jaime Dimon is the Chairman of the Board of Directors. The Fed Bank of New York has the largest known gold repository containing nearly a quarter of the entire gold supply, weighing approximately 7,000 tonnes worth 415 billion dollars.

Why is gold so enjoyable to look at?

 

Moneygasm

The following incredible photos come from a Southern California estate sale that was listed on Craigslist today. This is the most stunning private money collection I have ever seen (except for professional dealers.) The following photos are just a small part of the collection.

 

1963 five dollar note

During 1963, two different five dollar notes were manufactured. One is a red seal U.S. note that the U.S. government used to pay its debt. The second note (bottom) is a Federal Reserve $5 dollar note that is used to put the U.S. government into debt. Eventually, the red seal notes that came in different denominations ($1, $2, $5, $20, etc.) were completely discontinued. Currently, only Federal Reserve notes are used for our paper currency. The rules for the usage of Federal Reserve notes also applies to digital money (money that is not currency.) In other words, it is assumed that an electonic dollar is a Federal Reserve note as opposed to a red seal note or silver certificate. (An additional note: it is interesting to see Lincoln's visage on this 1963 red seal. Kennedy was assasinated in 1963. Some have speculated that Lincoln was assassinated by international bankers...Kennedy too, although there seems to be no proof of either claim.