Quote:

is it true that the Federal Reserve is owned by private banks?


Short answer: yes, most private banks own stock in the Fed. Does that matter all that much: no. The reasons are extensive and I have been drinking too much to go into detail, but here are a few clues.

-stock in the Fed is non-voting
-this is the way the Fed capitalizes itself in order to conduct monetary policy (the FRB is not a federal agency).
-the FRB's board of directors and major executives are political appointees, but serve terms longer than any senator or president who appointed them. Alan Greenspan will become eligible for Fed participation again when he is about 110 years old.
-the Fed cannot legally go into debt, much the same way the Treasury Department cannot issue its own currency to float its securities.

Trust me, if the free market is fucked up, it isn't because the Mom & Pop Bank of South Hackensack owns some shares of the Federal Reserve Bank. Come to think of it, I think banks are more heavily regulated for various reaons than any porn company. Porn gurus would shit lava if they saw the maze of hoops banks jump through.

Now back to my vodka and vodka



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