Quote:
Originally Posted by yads
The Fed is not a private corporation. It is independent from the government so as to not be swayed by the ruling party. It is still subject to government oversight and the governors are appointed by the president of the US.
Also any profits the Federal Reserve makes are returned into the treasury so in fact the Federal government pays interest to itself on their own securities held by the Federal Reserve.
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Is this why the Fed has never been audited?
Is this why the Fed has zero transparency?
It amazes me that the single biggest factor that drives the economy never gets any blame. Ron Paul introduced an audit the Fed bill, but it never passed.
BTW Money Masters is a great film on banking.