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The irony of name "Federal Reserve" is that there is nothing Federal about it. The Fed is a completely autonomous private organization which controls the United

by kemofo 6y ago

The irony of name "Federal Reserve" is that there is nothing Federal about it. The Fed is a completely autonomous private organization which controls the United States money supply.

umeshunni 6y ago
That's an adorable meme that crypto-bros like to tweet, but really they are actually an agency of the federal government and answerable to Congress. From https://www.federalreserve.gov/faqs/about_14986.htm https://www.federalreserve.gov/faqs/about_14986.htm Who owns the Federal Reserve? 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.
- trident5000 6y ago
  lol "crypto-bros" that claim has been around way longer than crypto has been popular. I get the crypto hate since its taking big tech power away and your jobs. Good luck.
- goodluckchuck 6y ago
  I think it's fair to question the wisdom (and legality) of agencies (https://en.wikipedia.org/wiki/Independent_agencies_of_the_United_States_government https://en.wikipedia.org/wiki/Independent_agencies_of_the_Un...) that are "independent" of the constitution's separation of powers. The constitution vests Judicial power in an independent judiciary, but provides that the POTUS shall be elected and that executive power shall be vested in him/her... and that legislative power shall be vested in Congress, with Representatives and Senators elected by the people. To say that there are agencies that are simply outside of that system... it seems to fly in the face of the basic things that kids learn in Elementary school. The Department of Defense (aka military) takes their orders from the POTUS / Commander in Chief. We should freak if the military went rogue and decided to invade a country without approval. Yet, we're supposed to want other executive departments to act without regard to the wishes of the elected president? > [The FED] is an agency of the federal government and reports to and is directly accountable to the Congress. I mean, it sounds as if they're claiming to be a Legislative Branch agency.
  - unishark 6y ago
    There are plenty of agencies under the president who need to be as independent as possible of day-to-day control by politicians. Especially in law enforcement. Not great if you consider democracy to the be a universally good thing of which more is always better. But it really isn't true. The majority can do good or bad things.
  - dragonwriter 6y ago
    “Independent” agencies are not independent of the separation of powers. They are “independent” within the executive branch in that their leadership does not serve at the pleasure of the President, is allocated under law by a process designed to provide some viewpoint diversity despite being appointed by the President and confirmed by the Senate, and their leadership can typically only be dismissed for cause, and their power is assigned by law not delegated from above them within the executive branch. They also tend to be delegated either or both quasi-judicial or quasi-legislatove powers by Congress (which also happens to non-independent agencies.) > To say that there are agencies that are simply outside of that system... it seems to fly in the face of the basic things that kids learn in Elementary school. In every field, the basic things that kids learn in elementary school tend to be incomplete or wrong, and government is definitely no exception, but independent agencies are not outside the system. > I mean, it sounds as if they're claiming to be a Legislative Branch agency. No, accountability to Congress is not exclusive to legislative branch agencies.
  - 8note 6y ago
    You should freak out if the POTUS decided to invade a country without approval too. It's Congress that decides who to declare war on
- kemofo 6y ago
  I don't tweet, bruh, and this is an adorable copy/paste of meaningless wiki headlines.
granzymes 6y ago
A completely autonomous organization that... 1) was created by Congress 2) is accountable to Congress 3) has governors that are paid by Congress 4) has governors appointed by the President
- kemofo 6y ago
  1. true 2. not true - you have this backwards 3. true 4. sort of true - the fed allows the exec a candidate list
  - granzymes 6y ago
    I consider Congressional hearings to be a form of accountability.
fl0wenol 6y ago
Look, kid, so it's not a cabinet level department in the executive branch or anything. It's little PCAOB, and a little Post Office. Point being it's not autonomous nor private.
- kemofo 6y ago
  Listen, son, it's the largest cartel on the planet. It's balance sheet expands and contracts arbitrarily b/c it's has a magic checkbook that can create money from nothing. They buy real assets of real companies to backstop prices that should be set my market forces and we're not allowed to know about it till long after the fact. Boy, I'd say that if most regular people knew how entrenched the fed was in their daily business they would want to know more than "It's a little PCAOB", which is a lie.

by kemofo 6y ago

The irony of name "Federal Reserve" is that there is nothing Federal about it. The Fed is a completely autonomous private organization which controls the United States money supply.

umeshunni 6y ago

That's an adorable meme that crypto-bros like to tweet, but really they are actually an agency of the federal government and answerable to Congress. From https://www.federalreserve.gov/faqs/about_14986.htm https://www.federalreserve.gov/faqs/about_14986.htm Who owns the Federal Reserve? 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.

trident5000 6y ago
lol "crypto-bros" that claim has been around way longer than crypto has been popular. I get the crypto hate since its taking big tech power away and your jobs. Good luck.
goodluckchuck 6y ago
I think it's fair to question the wisdom (and legality) of agencies (https://en.wikipedia.org/wiki/Independent_agencies_of_the_United_States_government https://en.wikipedia.org/wiki/Independent_agencies_of_the_Un...) that are "independent" of the constitution's separation of powers. The constitution vests Judicial power in an independent judiciary, but provides that the POTUS shall be elected and that executive power shall be vested in him/her... and that legislative power shall be vested in Congress, with Representatives and Senators elected by the people. To say that there are agencies that are simply outside of that system... it seems to fly in the face of the basic things that kids learn in Elementary school. The Department of Defense (aka military) takes their orders from the POTUS / Commander in Chief. We should freak if the military went rogue and decided to invade a country without approval. Yet, we're supposed to want other executive departments to act without regard to the wishes of the elected president? > [The FED] is an agency of the federal government and reports to and is directly accountable to the Congress. I mean, it sounds as if they're claiming to be a Legislative Branch agency.
- unishark 6y ago
  There are plenty of agencies under the president who need to be as independent as possible of day-to-day control by politicians. Especially in law enforcement. Not great if you consider democracy to the be a universally good thing of which more is always better. But it really isn't true. The majority can do good or bad things.
- dragonwriter 6y ago
  “Independent” agencies are not independent of the separation of powers. They are “independent” within the executive branch in that their leadership does not serve at the pleasure of the President, is allocated under law by a process designed to provide some viewpoint diversity despite being appointed by the President and confirmed by the Senate, and their leadership can typically only be dismissed for cause, and their power is assigned by law not delegated from above them within the executive branch. They also tend to be delegated either or both quasi-judicial or quasi-legislatove powers by Congress (which also happens to non-independent agencies.) > To say that there are agencies that are simply outside of that system... it seems to fly in the face of the basic things that kids learn in Elementary school. In every field, the basic things that kids learn in elementary school tend to be incomplete or wrong, and government is definitely no exception, but independent agencies are not outside the system. > I mean, it sounds as if they're claiming to be a Legislative Branch agency. No, accountability to Congress is not exclusive to legislative branch agencies.
- 8note 6y ago
  You should freak out if the POTUS decided to invade a country without approval too. It's Congress that decides who to declare war on
kemofo 6y ago
I don't tweet, bruh, and this is an adorable copy/paste of meaningless wiki headlines.

granzymes 6y ago

A completely autonomous organization that... 1) was created by Congress 2) is accountable to Congress 3) has governors that are paid by Congress 4) has governors appointed by the President

kemofo 6y ago
1. true 2. not true - you have this backwards 3. true 4. sort of true - the fed allows the exec a candidate list
- granzymes 6y ago
  I consider Congressional hearings to be a form of accountability.

fl0wenol 6y ago

Look, kid, so it's not a cabinet level department in the executive branch or anything. It's little PCAOB, and a little Post Office. Point being it's not autonomous nor private.

kemofo 6y ago
Listen, son, it's the largest cartel on the planet. It's balance sheet expands and contracts arbitrarily b/c it's has a magic checkbook that can create money from nothing. They buy real assets of real companies to backstop prices that should be set my market forces and we're not allowed to know about it till long after the fact. Boy, I'd say that if most regular people knew how entrenched the fed was in their daily business they would want to know more than "It's a little PCAOB", which is a lie.