It has the power of a government agency without the responsibilities. It not being part of the government is a technicality given the power and authority it has.
It is part of the government, it just isn’t officially part of the government. Or you could also say that the federal reserve program is a government program which comes to exactly the same result of it being an arm of the government. Its like if some dude out in Kansas was being given trillions of dollars to save our whole existence from demons and no one was allowed to check on whether or not he was spending the money coming up with special effects.
It is identical to having a bunch of government stooges behind closed doors spending trillions with no oversight. Same exact thing.
The Federal Reserve doesn't spend trillions.
“It not being part of the government is a technicality given the power and authority it has.”
Good point. The structure has been dictated by Acts of Congress. Ultimately it is a creature of Federal Law.
Part of the reason for it being outside the Government framework is the desire for an independent institution.
“It is identical to having a bunch of government stooges behind closed doors spending trillions with no oversight. Same exact thing.”
Except they dont spend our money. They have their own balance sheet.