Thursday, June 18, 2009One of the blogs I admire most, The Automatic Earth, posted this about the Federal Reserve today:
The Federal Reserve is at least in part owned (the people are not allowed to know this), by private enterprises whose interests may potentially be 180 degrees different from those of the people.
It's absolutely true.
Outside Washington D.C., all the Federal Reserve branches in New York, St. Louis, Philadelphia, Chicago, etc. are private corporations - a fact that is never announced and only admitted to sparingly. Each one is run by CEOs and Presidents. The Presidents are tasked with meeting in Washington D.C. occasionally and voting on critical issues. When they're doing that, they're called Governors in Washington parlance and they're supposed to act like public servants. Everywhere else, they're known as Presidents and they're the heads of private corporations. Private corporations in charge of the Dollar.
All of this was explained to me by the press woman at the Federal Reserve of Philadelphia. She summed it up neatly: "We're a private corporation - only in Washington are they public servants."
Posted by Penn @ 9:08 PM | |