Posts Tagged ‘monetary policy’

How the Federal Reserve is scarier than Saw VI

August 18th, 2009

federal-reserve-system-board-of-governorsThe process of awareness begins somewhere. A comment in passing.  A line of protest in the news. Snippets of overheard conversation. A good friend of mine Chris brought this up in a conversation. He talked about the Federal Reserve and how it’s not accountable to anyone, not even the President of the United States. That got me thinking and I researched this.

My thinking was the Fed was a government organization. Not so. The Federal Reserve is a hybrid organization – a partnership between the Federal Government and large private banks. These banks have agreements in place to limit competition, preserve profits and protect their territories.

This sounded like a cartel or a monopoly. » Read more: How the Federal Reserve is scarier than Saw VI