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Funny. The USA seems to have the complete opposite view to yours! :D The Federal Reserve is just about as close to a private company as any, running your entir
by kebman 7y ago
Funny. The USA seems to have the complete opposite view to yours! :D
The Federal Reserve is just about as close to a private company as any, running your entire economy. Certainly it's a for profit venture. But then that's profits funneled away from public coffers, and not to it.
Sure, the Fed has a pretty clear mandate from the Congress, deputizing them into a certain public role, but other than that, they receive little to no ‘advice’ on how to do things, and stand free to make private profit for a small cartel of privately owned banks.
The reason for this non-public setup is so that Congress won't simply print more money at will, which would be far worse.
- qaq 7y agoYou do realize that FED transfers it's profits to US Treasury to the tune of 100 billion dollars per year?
- erikpukinskis 7y agoCorrect, the fed funnels money away from savings accounts to the Treasury, exporters, and banks.
- kebman 7y agoBut unlike just about all public agencies, stock holders get to keep a fair amount too. Not to mention that a great deal of tax money goes towards servicing interest on loans. On top of that; well, let's not mince words: "Quantitative easing" is essentially theft.
- capableweb 7y agoI agree with you, just wanted to let you know that "running your entire economy" is not accurate as I don't live there. We would all be a little better by not assuming things about people :)
- kebman 7y agoThe context is that the Fed serves the USA, and I don't live "there" either. So "your (...) economy" is of course referring to the American economy.