6 ms·

The Fed does not set the budget, and is independent of the three branches of government, that's true, but... > The Federal Reserve System is an independent gov

• lbotos 7y ago
  Uh what? Fed = Monetary policy == Make sure money can flow "appropriately" Government = Fiscal Policy == "Who gets money" I don't know how your quote is relevant at all.
  • scrumbledober 7y ago
    the part where it says the fed is a government institution...
    • Frondo 7y ago
      Specifically, "the fed is a private bank" is a common refrain among goldbugs and currency conspiracy theorists, and it's not true, no matter how often it's repeated. Not saying the OP is a goldbug or currency conspiracy theorist, but they're the only people I ever see tossing that out so quickly and without any elaboration on what they mean.
      • exclusiv 7y ago
        > The System is not a private organization and does not operate for the purpose of making a profit. > Specifically, "the fed is a private bank" is a common refrain among goldbugs and currency conspiracy theorists, and it's not true, no matter how often it's repeated. I'd recommend reading The Creature from Jekyll Island. Once you understand the origins of the Fed you will understand that it's an institution founded by public and private individuals and entities to drive profit and leverage the system and taxpayers where it can. It's a creature with public/private/independent parts. It requires no conspiracy because much is known about it, although most people are unaware. JP Morgan, Wells Fargo, Citibank, the government and others founded it together! "At the end of November 1910, Senator Nelson W. Aldrich and Assistant Secretary of the U.S. Treasury Department A. Piatt Andrew, and five of the country's leading financiers (Frank Vanderlip, Henry P. Davison, Benjamin Strong, and Paul Warburg) arrived at the Jekyll Island Club to conduct a secret meeting to plan the country's monetary policy and banking system, formulating during the meeting the Federal Reserve as America's next central bank.[14] [15] According to the Federal Reserve Bank of Atlanta, the 1910 Jekyll Island meeting resulted in draft legislation for the creation of a U.S. central bank. Parts of this draft (the Aldrich plan) were incorporated into the 1913 Federal Reserve Act." [1] [1] https://en.wikipedia.org/wiki/Jekyll_Island#Planning_of_the_Federal_Reserve_System https://en.wikipedia.org/wiki/Jekyll_Island#Planning_of_the_...
  • glitcher 7y ago
    You seem to be assigning the values of boolean comparison results with that syntax. So Fed and Government are both false in this example.
    • deleted 7y ago
      [deleted]
• 34679 7y ago
  Two sentences later in the paragraph your quote came from: >As an independent institution, the Federal Reserve System has the authority to act on its own without prior approval from Congress or the President. And later: >The twelve Federal Reserve banks provide the financial means to operate the Federal Reserve System. Each reserve bank is organized much like a private corporation so that it can provide the necessary revenue to cover operational expenses and implement the demands of the board. A member bank is a privately owned bank that must buy an amount equal to 3% of its combined capital and surplus of stock in the Reserve Bank within its region of the Federal Reserve System. *edit - Also, the source for your quote is cited as "BoG 2005", with a dead/nonexistent URL