4 ms·
The US government does not actually have the monopoly. The Federal Reserve does. The Federal Reserve is not Federal - it is a private bank that mints the doll
by yarg 5y ago
The US government does not actually have the monopoly.
The Federal Reserve does.
The Federal Reserve is not Federal - it is a private bank that mints the dollar, lends it to the government and charges them interest.
(I'd really rather be wrong on this; but if I've just been listening to idiots on the internet, I'm sure someone's going to let me know.)
- JumpCrisscross 5y ago> US government does not actually have the monopoly. The Federal Reserve does The Treasury operates the U.S. Mint [1]. That said, most dollars are created privately by banks when they create deposits through their lending. The Fed oversees all of this while also creating dollars through similar mechanisms (albeit higher-powered ones). > Federal Reserve is not Federal - it is a private bank that mints the dollar The Federal Reserve was created by an act of Congress. Its leadership is appointed by the President. Its profits remit to the U.S. Treasury. It's a creature of the government in everything but name. [1] https://www.usmint.gov https://www.usmint.gov