Proving That Truth Is Stranger Than Fiction: Devvy Kidd
Devvy Kidd is one of a small group of wingnuts who believe things like there is no income tax, that the Federal Reserve is a private corporation, and that various Amendments to the U.S. Constitution were never really ratified. The fact that she’s published at WorldNetDaily should tell you all you need to know about her. Her esteemed colleagues Voxday and the Virgin Ben are neck and neck with her for biggest wingnut. The bloggers at Sadly, No! took aim at her current posting at WND, but I thought I’d do a little retrospective on her “work.”
In April, Devvy wrote:
You cannot buy or own stock in the privately owned Federal Reserve. That privilege is reserved for the money interests, i.e., the Rockefellers, Rothschilds and other global elites….. Get the facts … because knowledge is power.Oh, the irony. She’s clearly delusional. The U.S. Federal Reserve is an agency of the U.S. Government. The idea that it’s a private corporation owned by wealthy families reminds me of Stuart, the father character in So I Married An Axe Murderer:
Listen, Sonny Jim, it’s a known fact
there’s a society of the five
wealthiest people in the world, called
the Pentaverate, who run everything
and meet three times a year at a
secret country mansion in Colorado,
known as “The Meadows.”
Her claims are thoroughly debunked at Quatloos. Could somebody explain why she’s still being published?
ADDENDUM
Jesus Christ. I can’t believe how many unhinged wingnut batshit-crazy emails I’ve gotten over this post. Evidently, there’s a whole subculture of stupid people running around who think that there is a Pentaverate running the world. Carl, I deleted your comment because, really, it’s just a regurgitation of the same dumbass remarks made by other people who are just as deluded as you.
How many times do I have to explain this? I can’t use smaller words. Here’s another short discussion of the Fed from the Fed’s own website. (Note to Jovan, who asked why the Fed’s phone number wasn’t in the blue pages, which doesn’t mean anything… They have a .gov domain. Coincidence?)
Who owns the Federal Reserve?
The Federal Reserve System is not “owned” by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.As the nation’s central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as “independent within the government.”
The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation’s central banking system, are organized much like private corporations–possibly leading to some confusion about “ownership.” For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.
INDEPENDENT WITHIN THE GOVERNMENT.
SUBJECT TO OVERSIGHT BY CONGRESS.
OWNING RESERVE BANK STOCK IS QUITE DIFFERENT FROM OWNING STOCK IN A PRIVATE COMPANY.
RESERVE BANKS ARE NOT OPERATED FOR PROFIT.
OWNERSHIP OF STOCK IS A CONDITION OF MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM.
The best I can say is that we all love a nut job. She is published for the same reason we she shows like “Did we really land on the moon”. The conspiracy theories are so out there that you cannot help but listen to it. It’s mesmerizing!
Comment by Patrick — September 22, 2005 @ 2:51 pm
Sigh! I really get irritated when people make statements without knowing (and stating) ALL the facts. Allow me to make one correction. Yes, Devvy is a nutjob but not everything she says is a lie. Yes, the 16th and 17th ammendments were ratified. Yes, we do have to pay income tax. HOWEVER - Whether it’s evil or good, the Federal Reserve IS NOT a federal agency. Never was. Never will be. Get the truth from the horses mouth at the Federal Reserve website. The FR is a privately owned corporation, created by the US government in 1913 to centralize our monetary system but it IS NOT owned by the government. It is owned and financed by member banks. 53% of its stock is owned by 12 member banks. 7 of those banks are foreign banks. Whether it’s a constitutionally-legal system or not, the truth is that it IS a private corporation and this information is public - no conspiracy there at all.
Comment by Dave — November 30, 2005 @ 8:13 pm
Well, I followed your advice and I got the scoop from the Fed’s website. And, on reading it, I find that you’re just plain wrong.
From the Fed’s own FAQ, here.
Who owns the Federal Reserve?
The Federal Reserve System is not “owned” by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.
As the nation’s central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as “independent within the government.” (Italics mine.)
And there’s more:
Since the Federal Reserve has considerable discretion in carrying out its responsibilities, to whom is it accountable?
The Federal Reserve’s ultimate accountability is to Congress, which at any time can amend the Federal Reserve Act. Legislation requires that the Fed report annually on its activities to the Speaker of the House of Representatives, and twice annually on its plans for monetary policy to the banking committees of Congress. Fed officials also testify before Congress when requested.
IBM couldn’t be directly legislated out of existence. The Fed can. Any questions, Dave?
Comment by Administrator — December 13, 2005 @ 1:57 am
One question then. Why is the Fed not listed in the “blue pages” with all other government entities, but in the regular, white, private business listings in the phone book?
Comment by Jovan Weismiller — January 14, 2007 @ 1:07 am
Sorry, Jovan-Come-Lately. What does this have to do with anything? Oh, right, not a damn thing. Where an entity is listed in the phone book is not dispositive of anything.
Jesus. Wingnuts will try to grab onto anything that might give them the slightest handhold.
Comment by Administrator — April 4, 2007 @ 7:51 pm