Abraham Lincoln refused and the South accepted. It owned $1.6 trillion, by 2011, maxing out at $2.5 trillion in 2014. . The Federal Reserve also invests in U.S. national debt as it added liquidity to the economy during and after the Great Recession, and more recently during the pandemic. These evil-doers have robbed this country of more than enough money to pay the national debt. The national debt is the amount of money the federal government has borrowed to cover the outstanding balance of expenses incurred over time. Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Foundation. (Reference 4) If you will take the time to read the reference material listed which has been researched by Professors of Universities, Congresspeople, etc, you will turn up information that might frighten you. Clarida was a professor of economics and international affairs at Columbia University for 30 years. After a good couple of weeks, 2023 American Silver Eagles are once again being allocated (rationed) by the US Mint. BEIJING, Feb. 28, 2023 /PRNewswire/ -- The United Nations-supported Principles for Responsible Investment (UNPRI) has recently admitted CCV, an Asian . Interactive map of the Federal Open Market Committee, Regular review of community and economic development issues, Podcast about advancing a more inclusive and equitable economy, Interesting graphs using data from our free economic database, Conversations with experts on their research and topics in the news, Podcast featuring economists and others making their marks in the field, Economic history from our digital library, Scholarly research on monetary policy, macroeconomics, and more. Under the Federal Reserve Bank Act, the bankers control our economy. Why should we promise to pay the debts of foreigners to foreigners? . Box 8712, Phoenix, AZ 85066 This is a must read book with quotes from well known people. . . The market value of the gold reserves based on the London Gold Fixing as of September 30, 2020 was $493.4 billion. The public holds over $24.53 trillion of the national debt, as of January 2023. (Reference 14, P. 17, 18, 32, 33). "Financial Accounting Manual for Federal Reserve Banks: Appendix B. Cullen Roche , Pragmatic Capitalism. 5 Things You May Not Know About Jerome Powell, Chair of the U.S. Federal Reserve, How the Stock Market & U.S. Household Income Diverged After the 2008 Crash, Watch 2021s 10 Most-Streamed New FRONTLINE Documentaries. (Reference 1, P. 247) Congressman Charles A. Lindbergh of Minnesota said: "This [Federal Reserve] Act establishes the most gigantic trust on Earth. At that time, President Woodrow Wilson wanted a government-appointed central board, but Congress wanted the Fed to have 12 regional banks to represent America's diverse regions. * England lost the Revolutionary War. In fact, the Reserve Banks are required by law to transfer net earnings to the U.S. Treasury, after providing for all necessary expenses of the Reserve Banks, legally required dividend payments, and maintaining a limited balance in a surplus fund. Thomas Jefferson predicted this scenario if we ever allowed a private bank, like the FED, to create our currency (Reference 1, P. 247). Update:Quarles submitted his resignation to the board on Nov. 8, 2021. (Reference 4) Congresspeople have referred to Federal Reserve Notes as "FIAT" (no- backing) money. Robert Kelly is managing director of XTS Energy LLC, and has more than three decades of experience as a business executive. Receive updates in your inbox as soon as new content is published on our website, In Plain English - Making Sense of the Federal Reserve, Introduction to the Federal Reserve Banks, Supervision and Regulation: An Introduction. Hitler did it, and before our Revolutionary War, King George told us to disarm - good thing we didn't! Some observers mistakenly consider the Federal Reserve to be a private entity because the Reserve Banks are organized similarly to private corporations. Bankers are now pushing for a one world government and a cashless society. However, owning Reserve Bank stock is quite different from owning stock in a private company. Here are highlights from the March 2021 report (September 2020 data unless indicated otherwise): Foreign: $7.07 trillion (in September 2020, Japan owned $1.28 trillion, and China owned $1.06 trillion of U.S. debt, which is more than a third of foreign holdings) Federal Reserve and government: $10.81 trillion (December 2020) Mutual funds: $3.5 . Congressional Research Service. Compared to the fourth quarter of 2019, attendance increased by approximately You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. (By contrast, the 12 Federal Reserve regional bank presidents are chosen by search committee.) The Federal Reserve has been a ball on a chain on the American public President Donald Trump has made moves to gain full control of the Rothschild owned Federal Reserve in order to remove the crippling regulations holding the country back for so many years.. Some have said that Jefferson did not favor a strong central bank. NEW YORK Radius Global Infrastructure, Inc. (NASDAQ: RADI), ("Radius"), EQT and Public Sector Pension Investment Board ("PSP") announced today that they have entered into a definitive agreement under which EQT Active Core Infrastructure and PSP will indirectly acquire Radius for $15.00 per share in cash, representing a total enterprise value of approximately $3 . Some people leave to make money. It had the same effect as printing money. (Reference 3) Congressman John R. Rarick states that the Council on Foreign Relations CFR) is dedicated to a one world government. This is an era of economic misery and for the reasons that caused that misery, the Federal Reserve Board and the Federal Reserve banks are fully liable." Scott Olson/Getty Images After the genocide in Rwanda and atrocities in Srebrenica, Bosnia, in the 1990s, the world vowed never again. Then came the conflict in Darfur, Sudan, which began 20 years ago. The Federal Reserve derives its authority . Why has Congress allowed the FED to continue? Banks usually follow the Fed's lead, cutting benchmark rates such as the prime rate. 1. Your local police needs to read this book so they will protect you - not become United Nations Agents against you. Setting low-interest ratesis called"expansionary monetary policy." The Fed works by using its monetary policy tools. By . Term ends: October 2021, as vice chair; 2032, as governor HOUSTON, Feb. 28, 2023 /PRNewswire/ -- Talos Energy Inc. ("Talos" or the "Company") (NYSE: TALO) today announced its operational and financial results for the three and twelve months ended December 31, 2022. But banks weren't lending, so the money supply wasn't growing quickly enough tocause inflation. These factors determine either economic prosperity or the lack thereof. These banks are also members of the Federal Reserve banking system. According to data from the Federal Reserve, in 1990, white households owned 90.7% of household wealth in the United States, whereas Black households owned 3.8% and Hispanic households owned 2.1%.These numbers have changed little over the past 30 years, with white households now owning 85.5% of wealth in 2019, and Black households owning 4.2% and Hispanic . The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress. Note: The people who enacted the FED started the IRS, within months of the FED's inception. ", Board of Governors of the Federal Reserve System. "Allow me to control the issue and the nation's money and I care not who makes its laws!" The Constitution gives only Congress the right to print money. A top Treasury official during the George W. Bush administration, Quarles founded the investment firm Cynosure Group with members of the Eccles family. When the economy grows too rapidly, the Fed hikes interest rates to prevent inflation. . Its holdings have increased in rank as Brexit continues to weaken its economy. U.S. Debt to China: How Much Is It, and Why? 2/21/2023. If he says something publically like "Tesla owns X" and then it turns out they didn't own X at the time he said it that changes the risk/reward profile of the company from what was said. The answer is both. Previously, he a chair of economics at the University of Notre Dame. The depredations and the iniquities of the Federal Reserve Board and the Federal Reserve banks acting together have cost this country ENOUGH MONEY TO PAY THE NATIONAL DEBT SEVERAL TIMES OVER." Harpers magazine called this the most powerful organization in the United States. Advertisement. The longest-tenured governor was economist Menc S. Szymczak, who served from 1933 to 1961 and was reappointed twice. "Federal Reserve Act Signed by President Wilson. The Fed's total share of US debt has spiked from 9.3% in Q1 to 16.5%. Communications, Banking Applications & Legal Developments, Financial Stability Coordination & Actions, Financial Market Utilities & Infrastructures. "Our people's money to the extent of $1,200,000,000 has within the last few months been shipped abroad to redeem Federal Reserve Notes and to pay other gambling debts of the traitorous Federal Reserve Board and the Federal Reserve banks. It's always defeated, the media remains silent, and the public never learns the truth. They argued that theFed was just printing money. Presidents Lincoln, Jackson, and Kennedy tried to stop this family of bankers by printing U.S. dollars without charging the taxpayers interest (Reference 4). "Jerome H. Powell, Chair. Instead, they hoarded cash to write down a steady stream of housing foreclosures. A majority-Republican Senate also rejected Trump appointees most famously in 2020 Judy Shelton, a former Trump advisor who advocated for the return of the gold standard. (Reference 1, P. 215) Later, Jefferson used stronger language and denounced the institution as "one of the most deadly hostilities against the principles and form of our Constitution." At the July 2021 meeting, the FOMC set a goal of increasing Treasury Department's securities by $80 billion monthly. Dear American: Pursuant to your request, I will attempt to clear up questions you have about the Federal Reserve Bank (FED). "We the People" have pushed the following states to pass or introduce legislation calling for an end to the FED: Arizona, Washington, Arkansas, Idaho, Oregon, Indiana, and Texas. This . (Reference 1, P. 128, 169) In 1879 the Supreme Court declared that the U.S. Government can legally issue United States Notes, debt and interest-free, just as Lincoln and Kennedy attempted. Proof that the 16th Amendment (income tax) was never properly ratified. It also provides detailed meeting minutes three weeks later. (Reference 1, P. 230) President James A. Garfield said: "Whoever controls the money in any country is absolute master of industry [legislation] and commerce". Of the 109 governors appointed since the first board was officially sworn in, in August 1914, three have been African American and ten have been women. This book will stop the New World Order plan to take over the U.S.A. "America Betrayed", Center For Action, 652 N. Glenview, Mesa, AZ 85213 For references 1, 12, and 17, contact The National Committee to Repeal the Federal Reserve Act (Reference 2). About the Federal Reserve banks, Rep. McFadden said, "They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; the rich and predatory money lenders. The board also has a vice chair and, most recently, a vice chair of supervision an informal position that became official after Congress passed the Dodd-Frank Act, regulating banks following the 2008 credit crisis. The Fed's monetary policy can do its job better when it is shielded from short-term political influence. This new currency was to be distributed through the U.S. Treasury and not the Federal Reserve System. Does the Federal Reserve ever get audited? Now the banks financially back sympathetic candidates. "The Chicago casino is the only remaining growth project spanning into 2026," JMP Securities gaming analyst Jordan Bender wrote in a research note last . They are valued for that expertise, not for charisma, a large fan base, or public speaking skills. (Reference 17, P. 96-98) California 9th Circuit Court declared FED banks are private, not government. Additionally, the FED started buying up the media in the 1930's and now owns or significantly influences most of it Reference 3, 10, 11, P. 145). Continue to track the Federal Reserve's assets and the US' economic recovery at the USAFacts Economic Recovery Hub. Treasury Department. Holding this stock does not carry with it the control and financial interest given to holders of common stock in for-profit organizations. For if one unscrupulous group is allowed to print a nation's money - it can eventually use that money to gain control of the press AND the politicians - and thus gain control of making the nation's laws - and finally - control of the nation itself. That makes the economy grow faster. The compromise meant that the Fed has both. To pay for this deficit, the federal government borrows money by selling marketable securities such as . Randal Quarles, vice chair for supervision, age 63 The FED creates money from nothing, and loans it back to us through banks, and charges interest on our currency. The Fed had to fight the 2008 financial crisis, so it ramped up open market operations by purchasing bank-owned mortgage-backed securities. She has worked as an associate professor of applied economics at MIT and at the consulting firm McKinsey & Company. Provides financial services to the U.S. federal government, the public, financial . For example, the Dodd-Frank Wall Street Reform and Consumer Protection Act limited the Fed's powers. Joachim Hagopian. 4. The issuing power (of money)," he said, "should be taken from the banks and restored to the people to whom it properly belongs." State Department document 7277 calls for the disarming of America, thus turning our sovereignty over to a one-world government. "Who Owns Reserve Banks? Within the petroleum industry, proved crude oil reserves and lease condensate in the United States was 44.4 billion barrels (7.06 10 9 m 3) of crude oil as of the end of 2021, excluding the Strategic Petroleum Reserve.. "Monetary Policy and the Federal Reserve: Current Policy and Conditions. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. The U.K. is the third-largest holder with $645.8 billion. The FED operates exactly like this today. . This book proves conspiracy. The Board reports to and is directly accountable to the Congress but, unlike many other public agencies, it is not funded by congressional appropriations. . The bank pays for printing costs, ink, and paper. (Reference 1, P. 46, 47; Reference 4) Shortly after Lincoln's death, the government revoked the Greenback law which ended Lincoln's debt-free, interest-free money. These agencies then invest in U.S. Treasurys rather than stick this cash under a giant mattress. (Reference 1, P. 200-214) Adams, Jefferson, and Lincoln believed that banker capitalism was more dangerous to our liberties than standing armies. For the positions of chair and vice chair, terms are four years. FAITHLESS GOVERNMENT OFFICERS WHO HAVE VIOLATED THEIR OATHS SHOULD BE IMPEACHED AND BROUGHT TO TRIAL", Rep. McFadden concluded (Reference 1, contains an entire chapter on Rep. McFadden's speech). Why should the Federal Reserve Board and the Federal Reserve banks be permitted to finance our competitors in all parts of the world?" The following are portions of Rep. McFadden's speech, quoted from the Congressional Record, pages 12595-12603: "THE FEDERAL RESERVE BOARD, A GOVERNMENT BOARD, HAS CHEATED THE GOVERNMENT OF THE UNITED STATES AND THE PEOPLE OF THE UNITED STATES OUT OF ENOUGH MONEY TO PAY THE NATIONAL DEBT. Bush, Bill Clinton and George W. Bush. Again, the media is pushing to eliminate guns. It now owns more than $8 trillion in assets, $6 trillion more than the peak in the Great Recession. I spent much time researching the FED and these are the shocking and revealing conclusions. The bankers create inflation, sell their stocks before the market crashes, then buy up stocks at cheaper prices. Board members cant be fired over their policy opinions, only by cause, a legal term for breaking the law. Today however, the FED, which is a privately owned company, controls and profits by printing money through the Treasury, and regulating its value. Not surprisingly, most of these candidates are elected (Reference 1, P. 208-210, Reference 12, P. 235, Reference 14, P. 36). The Treasury breaks down who holds how much of the public debt in a quarterly Treasury bulletin. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Equally as important, the Fed does not receive its funding from Congress. Social Security trusts, including the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, held $2.71 trillion in Treasurys as of December 2022. . Public debt is held by the public: individual investors, institutions, foreign governments. "The Fed Explained: What the Central Bank Does," Page 1. Mike Gill Turned Down $50 Million in Hush Money to Expose Criminal Cartel that Owns the World. Box 1205, Middleburg, FL 32050-1205 (4) "Bulletin", February 1989 & November 1991 issues, P.O. If a Congressperson tries to abolish the FED, the banks fund the Congressperson's opponent in the next election (Reference 17, P. 35). The pace of economic growth may be slowed by . ", Board of Governors of the Federal Reserve System. Open seat Public Debt. Interest rates on the benchmark 10-year Treasury note rose from a 200-year low of 1.43% in July 2012 to around 2.17% by the end of 2014 as a result. A new national banking act was enacted and all money became interest bearing again. On March 15, 2020, the Federal Reserve announced that it would purchase $500 billion in U.S. Treasurys and $200 billion in mortgage-backed securities over the next several months in an effort to stimulate the economy and support financial markets during the pandemic. Christopher Waller, governor, age 62 Congressman Wright Patman was Chairman of the House of Representatives Committee on Banking and Currency for 40 years. When the 1816 charter expired in 1836, Andrew Jackson vetoed its renewal. Commercial banks that are members of the Federal Reserve System hold stock in their District's Reserve Bank. Congress and the IRS do not have access to the financial records of the FED. Coordinate workflow and material movement to meet program and customer delivery requirements. Pyne George F. Baker Percy Pyne Mrs. G.F. St. George J.W. What the Government has permitted the Federal Reserve Board to steal from the people should now be restored to the people." $11,041,059,957.90. The Social Security Trust Fund owns a significant portion of U.S. national debt, but how does that work and what does it mean? Of those, Japan has the most, followed by China. The element that makes the bond good makes a bill good also. With less than 12 months until the 2020 U.S. Presidential Election, President Trump is harnessing the power of the Fed to ensure his victory. It stabilizes the government bond market through inflationary methods and manipulates this market to the advantage of the government. The sheer magnitude of $30-plus trillion of . The chair must report on the Fed's actions to Congress. Lincoln approached Congress about passing a law to authorize the printing of U.S. Treasury Notes. Article 1, Section 8 of the Constitution states that Congress shall have the power to coin (create) money and regulate the value thereof. How Does the Fed Influence Interest Rates? Third, the Federal Open Market Committee (FOMC) publishes a statement after each meeting. They redeem their Treasury notes for funds as needed. It also required the Fed to make public the names of banks that received any emergency loans orTARPfunds. The Federal Reserve is neither federal nor a reserveit is a private bank issuing the public currency outside of law. When economic growth is slow, the Fed adjusts its policy accordingly and lowers the target interest rate, which in turn spurs Americans to borrow credit at a cheaper rate. "Credit and Liquidity Programs and the Balance Sheet: Recent Balance Sheet Trends. The chair must report on the Fed's actions to Congress. When Congresspeople retire, political campaign funds are not taxed. When the U.S. government spends more than it receives in tax revenues, it has a budget deficit, which must be met by borrowing more money, which further adds to the debt. Mullins and Kah both argued that the Federal Reserve Bank of New York is owned by foreigners. Its not unusual that a Fed governor who served as chair under one administration is reappointed as chair by another; take Ben Bernanke, who was appointed by George W. Bush but became better known during the Obama years for the Feds economic stimulus in the wake of the 2008 financial crisis. With the new FRONTLINE documentary The Power of the Fed looking at the U.S. central banks efforts to avert economic crisis when COVID-19 struck, heres a companion primer on how the board is structured and who wields its power. "Monetary Policy and the Federal Reserve: Current Policy and Conditions," Pages 6-7. money for roadways) exceeds revenue (ex. In 2012, the Energy Information Administration using data compiled by the United States Geolgical Survey under the Department of the Interior estimated US undiscovered . Lincoln's solution made this seem ridiculous. Here's Who Actually Owns The Federal Reserve. PBS is a 501(c)(3) not-for-profit organization. "The History of the Debt.". By then, the Fed had cut back on quantitative easing. It required the Government Accountability Office (GAO) to audit the emergency loans the Fedmade during the2008 financial crisis. It receives interest on its foreign currency investments. By abolishing the FED, we would not pay interest on Federal Reserve Notes. The CFR publishes a magazine called "Foreign Affairs." Term ends: 2022, as vice chair and governor However, Bally's Chicago development is the primary focus in the eyes of the investment community, given the cost of the project and competition from new and expanded casinos in Illinois. ", Time Magazine. The Fed Is Ending Pandemic Stimulus Sooner Than Planned. You'll receive access to exclusive information and early alerts about our documentaries and investigations. In other words, by Congress allowing the constitutionally illegal FED to continue, much of your taxes go to the shareholders of the FED and their bankers. The U.S. Treasury manages the U.S. national debt through its Bureau of Public Debt. The FED has secret meetings (per Congressional Record) to determine future interest rates and the amount of money to be printed. Other large holders of debt include the Office of Personnel Management Retirement, Medicare (which includes the Federal Supplementary Medical Insurance Trust Fund), then cash on hand to fund federal government operations. That restricts themoney supply. (21) "New World Order: The Ancient Plan of Secret Societies" by William T. Still (22) "The Secrets of the Federal Reserve" by Mullins (23) "The Social Security & Pension Conspiracy" by Metz (24) "The History of the Federal Reserve. 2021, 09:09am EDT . For instance, each of the 12 Reserve Banks operates within its own particular geographic area, or District, of the United States, and each is separately incorporated and has its own board of directors. The international bankers didn't like it and wanted Lincoln to borrow the money from them so that the American people would owe tremendous interest on the loan. ANDREW JACKSON - A GREAT PRESIDENT! Meaning, whatever the . the nation with a safe, flexible, and stable monetary and financial our office. Rep. McFadden continued, "Every effort has been made by the Federal Reserve Board to conceal its power but the truth is the Federal Reserve Board has USURPED THE GOVERNMENT OF THE UNITED STATES. Congress can send signals, threatening to pass legislation or making it known that Congress is unhappy about a particular decision. Trump Now Owns the Fed. The above quote has long been attributed to the 18th century banker Amshell Rothschild (his blood line controls the FED). 2 holder . ", Brookings Institution. We give the bank cash interest-free, then they charge us interest on our own currency. Today you fear the IRS. The Federal Reserve System is not "owned" by anyone. It must also clearly communicate its reasons for its actions. Good question here in the Ask Cullen page. The Federal Reserve (the Fed) enjoys a unique public/private structure that operates within the government, but is still relatively independent of government to isolate the Fed from day-to-day political pressures in fulfilling its varying roles. Although the New York Fed is just one of twelve Federal Reserve banks, controlling it, they claimed, is tantamount to control of the entire System. "Daily Treasury Yield Curve Rates. It gave businesses continued access to low-cost borrowing for operations and expansion. In addition to the seven-member Board of Governors, the FOMC has five other voting seats, filled by presidents of the Federal Reserve Banks. * From the beginning of the United States to present there have been two ways to issue new currency: The first way is to have the government print the money, debt and interest- free, and circulate it through the economy for use as a medium of exchange. 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. No Constitutional republic can function when the government's money powers are in the hands of the financial oligarchy such as New York financiers. Lincoln said "We gave the people of this Republic the greatest blessing they ever had - their own paper money to pay their debts" Lincoln printed over 400 million "Greenbacks" (debt and interest-free) and paid the soldiers, U.S. government employees, and bought war supplies. The Federal Reserve, the central bank of the United States, provides The Rockefeller Foundation stated that they have in excess of 747 million dollars to achieve this with. The bank can buy back the bonds from the public simply by printing more money. Netherlands. . (1) "The Federal Reserve Bank", by H.S. The bank uses the $500 billion cash to buy a $500 billion government bond which pays the bankers interest. Banks, New Security Issues, State and Local Governments, Senior Credit Officer Opinion Survey on Dealer Financing Brainard was a top Treasury official under the Obama administration. "The Dodd-Frank Wall Street Reform and Consumer Protection Act: Background and Summary," Page 6. (Reference 5, P. 33) Robert H. Hemphill (Credit Manager, Federal Reserve Bank in Atlanta): "We are completely dependent on the commercial banks. 3 Congress must approve the president's appointment. Every year Congress introduces legislation to audit the FED, and every year it is defeated. Why should American Farmers and wage earners add millions of foreigners to the number of their dependents? ", Federal Reserve History. . The FED buys U.S. debt with money they printed from nothing, then charges the U.S. taxpayers interest. Federal Reserve System. September 30, 2021 14 years, 72 days - Kenneth Montgomery Acting: September 30, 2021 July 1, 2022 274 days 14 Susan Collins: July 1, 2022 present As of June 8, 2022, the Federal Reserve has a portfolio totaling $8.97 trillion in assets, an increase of $4. Today, if the government runs a deficit, the FED prints dollars through the U.S. Treasury, buys the debt, and the dollars are circulated into the economy. But since that Act, the same meal now costs you over $20. Ukraine is the International Deep State Cabal money launderer and that's why in sheer desperation, the bloodline controllers are so willing to push humanity off the nuclear Armageddon cliff in order to protect themselves and their criminal interests from full public exposure and . FED bankers also profit greatly from economic disasters like the Depression (Reference 22, P. 56). Economy. There is no tax levied to pay interest on the currency in circulation because it is debt and interest-free. Additional funding is provided by the Abrams Foundation; the John D. and Catherine T. MacArthur Foundation; Park Foundation; the Heising-Simons Foundation; and the FRONTLINE Journalism Fund with major support from Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Foundation, and additional support from Koo and Patricia Yuen. This central banking "system" has three important features: (1) a central governing boardthe Federal Reserve Board of Governors; (2) a decentralized operating structure of 12 Federal Reserve Banks; and (3) a blend of public and private characteristics. Who actually owns the Federal Reserve Central Banks? Member banks also elect six of the nine members of each Bank's board of directors. * England nearly destroyed the Colonies by creating fake Colonial money and hyper-inflation. But owning Federal Reserve bank stock is nothing like owning stock in a private company. 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