Why does Forbes Magazine say Warren Buffet and Bill Gates are the richest people in the world when?

The Federal Reserve is a private bank, and the US government is in debt to them about 13 Trillion dollars? That's about 12.95 trillion more than Warren Buffet has. Plus a lot of other countries are in debt to them too.Why does Forbes Magazine say Warren Buffet and Bill Gates are the richest people in the world when?
You have some misconceptions. First, the government does not borrow money from the Federal Reserve. The government borrows money by issuing U.S. Treasury securities. The most common types of these securities are T-Bills, T-Notes, and T-Bonds. There are a few other types, but those are minor. The government sells these securities at auction. Anyone may buy these securities at auction, even you. However, the Federal Reserve is prevented by law from buying these securities at the auction.



The government issues these securities with a set maturity date. The government will not redeem them until the maturity date has been reached or passed. Therefore, if a holder of U.S. Treasury securities needs their money before that date, they have to find someone to buy the security from them. This buying and selling of U.S. Treasury securities creates the open or secondary market. It is on the open or secondary market that the Federal Reserve buys the securities that it holds. See 12 USC 搂355.



Second, the Federal Reserve actually only holds about $1 trillion in U.S. Government securities. Amazingly enough, you claim that the Federal Reserve holds $13 trillion of government debt, yet you link to a document that shows that claim is wrong.



Third, the Federal Reserve is not private. That is a conspiracy theory MYTH only repeated by those who do not know the law or economics. At the top of the system is the Board of Governors. Each member of the Board of Governors is appointed by the President of the U.S. and approved by the Senate. There is no stock in the Board of Governors and nobody "owns" it.



Beneath the Board of Governors, there are 12 Federal Reserve district banks. Each of these banks does have stock, but that stock is fundamentally different from any other corporate stock. First, the stock confers no rights of ownership to its holders. The only thing a holder of the stock receives is an annual 6% dividend and each holder gets ONE vote for six of the nine seats on the district bank's board of directors. That is only ONE vote regardless of the number of shares the holder has.



Who are these holders? By law, banks with national charters MUST subscribe to a particular amount of a Federal Reserve district bank's stock. This makes the national bank a member of the system. State banks may also become members if they meet certain requirements set forth by the Board of Governors. Member banks cannot sell or trade the shares that they hold. Additionally, they may not purchase more shares than the amount that they are required to hold. If the Federal Reserve district banks really were private corporations, shareholders would be able to buy and sell their shares at will.



If a Federal Reserve bank were to be dissolved, the member banks would be paid back the amount they paid for the stock plus any unpaid dividend regardless of the value of the Federal Reserve bank. All assets and liabilities would then become the responsibility and property of the U.S. Government. This is significantly different than a private corporation. If a private corporation dissolves, excess assets are distributed to the stockholders.



The Federal Reserve system is also "non-profit". Once expenses have been paid and the set dividend has been paid to the member banks, net earnings are paid to the U.S. Treasury. This can be seen on the independently audited financial statements of the Federal Reserve which are public record. Claims that the Federal Reserve has never been audited are also wrong.



Conspiracy theorists take a lot of quotes and other information out of context or simply misread it. For example, There is a court case that is often quoted by those who claim the Federal Reserve is private. It is Lewis v. U.S. Unfortunately for them, they are taking a quote from the case out of context. What the court says is that in regards to the Federal Tort Claims Act (FTCA), that a Federal Reserve district bank would be treated similar to a private corporation in that it can sue and be sued for tort claims whereas most governmental agencies are sued under the FTCA. That is because the Federal Reserve Act includes a section on how tort claims against the Federal Reserve are to be handled.



All of the above is in accordance with law. You can read it for yourself in 12 USC Chapter 3. If you want to learn about the Federal Reserve, pick up an economics textbook on Money and Banking or ask an economist. Information you may find from unreliable sources on the Internet, such as YouTube, are often wrong. Anyone can post on the Internet that the Moon is made of green cheese, it doesn't make it true.



BTW, in case someone tries to bring it up, JFK did NOT try to end the Federal Reserve. Anyone who reads EO 11110 and understands the law that it referenced would understand that EO 11110 was only delegating a power the President already had to Treasury Secretary. The actual purpose of the law and the EO was to REDUCE the amount of silver certificates in circulation. The law gave the Federal Reserve more power and didn't reduce it. http://mcadams.posc.mu.edu/weberman/jfk.鈥?/a>
"Because thats not a person, its a branch of the Government."



I must correct this individual -

The Federal Reserve is a private corporation and is for PROFIT and the whole thing is secret.



JFK warned us about SECRECY ... why do you think that was?Why does Forbes Magazine say Warren Buffet and Bill Gates are the richest people in the world when?
Because the Federal Reserve is owned and operated by the Treasury of the United States.



Here's the first hint it's a government entity: it has a .gov website as you pointed out in your link.
The richest man in the world operates a Telecommunication system through Mexico he is a mexican citizen. His name will probably come to me and i'll get back with you on this but it isn't Gates or Buffet.Why does Forbes Magazine say Warren Buffet and Bill Gates are the richest people in the world when?
Because thats not a person, its a branch of the Government.



The purpose of the list isn't to provide a list of wealthiest nations or government, but wealthiest INDIVIDUALS.
Who would you say is the richest then? No one individual owns that money, it's run by the government. The chairman and board are all appointed by the President.
Because Forbes is in debt to the Federal Reserve.
The federal reserve isnt a person