While that’s profoundly true, let’s not forget that the Federal Reserve is not part of the government: anymore than ‘Fed Ex’ is. It’s a privately-owned company. My fault for using the word “Fed” loosely.
In this case the FRB is hand-in-hand with the literal Federal Government. They’ve printed trillions of dollars, diluting the buying power of all dollar-holders, punishing savers and hollowing out the middle-class.
If the FRB were to raise rates, they would be rolling back their previous distortion of the market. But instead they will continue to maintain today’s ultra low rates.
Nope. Part of the government.
The Federal Reserve System fulfills its public mission as an independent entity within government. It is not "owned" by anyone and is not a private, profit-making institution.
Whoa, thanks for the headsup!!! I had no idea that Federal Express was set up and assigned its mission by act of congress, that its CEO and board of directors are all named by the president and approved by the senate, and that the company is required submit regular reports and audits to the Treasury Dept. and each house of congress.
Sounds just like GM