The Fed is a private corporation.
Profits from the Fed go to the US Treasury. I think it was 40 billion last year.
As far as the elite creating it, sure it did, but only after fighting the idea for 30+ years.
The idea arose in the West where farmers were constantly bashed by deflations triggered by the actions of Easter banks. They wanted a Reserve bank to keep specie from flowing to the Money Center banks and to prevent their mortgages from being called even when current because of the demands of those banks.
The banks refused to go along with creating a system of Reserve banks as the Populists demanded because such a system would diminish their private financial power. It was Finance Capitalists of the highest order who created the Fed not socialists. The very top of the capitalist order.
After the Panic of 1907 (the Bankers’ Panic) occurred and was stopped by the personal authority of J.P. Morgan, the bankers started to realize that without Morgan they would be screwed. He died a few years later and they created the Federal Reserve.
Their goal is to try and create favorable economic conditions. The Fed has been ordered by congress to try and achieve full employment in the US as well.
My FRiend, you need to read the books I listed.
Seriously.
The FED is not your friend.
They are the enemy. The sooner you read those books, the sooner you will understand this, and the sooner you can work to take your country back from the collectivists.
Incidentally, you argued nothing that I did not argue five years ago.
The FED was signed into law by the socialist Wilson and his majority Dems, just like DeathCare. The socialists have given us many programs, all of them socialistic.
As to the mandate of full employment, you have got to be kidding?
Since when does the FED have the power to create jobs ever?
Tell that one to the poor decent souls who have to work two jobs now, or just got out of college and can’t FIND a job.
what a bunch of academic baloney. what a load. And it stinks.
And the FED is NOT Constitutional.