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They sure are. Since 1913 when the Federal Reserve Act was passed. It's a bit strange it happened just before Christmas on Dec 23; who cares about acts when Chr
by theDeveloper 17y ago
They sure are. Since 1913 when the Federal Reserve Act was passed. It's a bit strange it happened just before Christmas on Dec 23; who cares about acts when Christmas is right around corner.
Federal Reserve(family of bankers) is lending money to the US government (money which by the way they create out of thin air by printing paper) so of course they have the power.
Also the name Federal Reserve is quite deceiving - it is a private entity with special status, it has nothing federal at all.
So US operates like a big ass corporation which right now is bankrupt.
Looking at all these things makes you question a lot of the issues that are happening around us.
- kahirsch 17y agoEverything you say is a little wrong. There's nothing unusual about bills passing just before a recess. The Federal Reserve Act was big news at that time. Extensive hearings were held on it and it received overwhelming support from Democrats in Congress as well as President Wilson. The Federal Reserve is partly a federal agency (led by the Board of Governors) and partly a group of quasi-independent banks. The 12 regional Federal Reserve Banks are nominally independent, but have a lot of control from the federal agency, including direction of their open market operations. The Federal Reserve does not directly lend money to the federal government. It usually buys U.S. Treasury securities on the open market. This benefits the government by leading to lower interest rates. Most of the profits from the Federal Reserve are paid to the U.S. federal government (the member banks get a 6% dividend on what they are required to pay in to the Reserve).