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"Instrumentalities like the national banks or the federal reserve banks, in which there are private interests, are not departments of the government. They are p
by ferdo 13y ago
"Instrumentalities like the national banks or the federal reserve banks, in which there are private interests, are not departments of the government. They are private corporations in which the government has an interest."
Justice Louis Brandeis, US Supreme Court, 1928
http://openjurist.org/275/us/415 http://openjurist.org/275/us/415
- tedsanders 13y agoThe Fed is not run by private interests. The president appoints its members. It has a dual mandate of low inflation and low unemployment. So...?
- ferdo 13y agoThe Federal Reserve is owned by private interests with aspects of a public utility. It's the worst of public and private mixed in one package. As Justice Brandeis said, it's a private corporation in which the government has an interest. The Fed of SF has an interesting summary: > "Is the Federal Reserve a privately owned corporation?" > Yes and no. http://www.frbsf.org/education/publications/doctor-econ/2003/september/private-public-corporation http://www.frbsf.org/education/publications/doctor-econ/2003...