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www.modernhistoryproject.org...
I think I said that
Originally posted by Rockpuck
reply to post by Phage
..er.. Federal Reserve is essentially a Board of Banks, the top banks in the country which hold shares in the board..
I did not say it was
It is not a Government entity..
And the FED does NOT LOAN MONEY TO THE GOVERNMENT .....
The "debt" and the "interest" we pay to our debts is actually in the form of various securities.. the most notable being bonds.. also Treasury Bills... I believe Commercial Paper to be prominent as well ..
Wake up.. sure.. do it in an orderly and educated fashion though..
I think I said that
The Federal Reserve is not privately owned and it is not owned by central banks. It is a central bank.
I did not say it was
The Fed is composed of, among other things, 12 regional banks. These banks do not own the Fed and the Fed does not own them.
The private banks which are part of this system (look for "National" or "Federal" in their name) are privately owned and do try to make a profit
Thank you for the correction. I'm working on it.
Central bank: A country's principal monetary authority, responsible for such key functions as issuing currency and regulating the supply of credit in the economy.