The Federal Reserve is what our British cousins call a Quongo. It's an acryonmen for:quasi non-governmental organisation, quasi-autonomous non-governmental organisation and quasi-autonomous national government organisation.
The Federal Reserve is simply a powerful Quongo partnership between banks and the federal government that sets our monetary policy and is relatively unaccountable to elected officials. Scary is it?
10 posted on
12/05/2010 6:25:48 PM PST by
4Liberty
( How do you spell "moral hazard"?: $ 19, 0 0 0, 0 0 0, 0 0 0, 0 0 0.)