Wrong. The Federal Reserve is like Grape Nuts. Grape Nuts are not grapes, and they are not nuts. The Federal Reserve is neither Federal, nor a Reserve. It is a privately held bank. In 1913, via the Federal Reserve Act, we turned control of our money supply over to the Federal Reserve. In exchange, we got to appoint the Chairman of this Privately-held Bank's board. ( who can be out-voted by the rest of the board).
Agree. Now, if the ows protesters are protesting the big bad banks, why don’t they protest against the biggest bank - the federal reserve? They are a bunch of wussies until they have the balls to confront the federal reserve.
The Fed is NOT a private bank. Unlike other private banks, for example, it can legally create money out of thin air and has extensive regulatory powers over actual private banks. It is best described as coercive corporatist/fascist government-business monopoly cartel.
It is Federal. It was created by Congress. It has trillions in reserves.
It is a privately held bank.
No it isn't.
“It is a privately held bank”
The Fed is an aggregate. The Fed’s Board of Governors is appointed by the President of the United States. The staff at the Fed are government employees.
The member banks are not part of the government, they are privately owned.
“In 1913, via the Federal Reserve Act, we turned control of our money supply over to the Federal Reserve. “
Private banks had a major role in determining the money supply long before the Fed. Prior to the Federal Reserve Act, American banks were free to print their own currency.
The money supply was the collective money issuance of America’s banks plus what the Treasury issued.
And before the FR Act JP Morgan’s bank operated as our defacto central bank. Before the Fed the economy was already dominated by private banking.