I wondered about this, the Fed competing with all the different payment systems out there. It should be illegal.
The Fed lies essentially, saying "The Federal Reserve System is not "owned" by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation's central bank. The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress."
Ownership is a fundamental fact for freedom. The two logical choices are that some "own" the Fed, or the federal government "owns" the Fed, in the same way that federal land are owned. "By the people," it is said. Except when the "people" are restricted in their access to and use of said "owned" lands.
The tenet of Communism is state ownership. To my view, then, the argument that the Fed is owned by "us" communally is evidence of the pernicious growth of control over the ostensible "owners" -- supposedly us.
It is.