banks have to apply for charters. I don't know all of the details, but you agree to be a pimp for the Federal Reserve by accepting the backing of the FDIC. Accepting being a pimp comes with consequences. A larger, more powerful pimp could take you over if your whores are not performing as expected. Until Congress reasserts their rights to control and coin money, we all must submit to be prostitutes to the Federal Reserve.
Legal in what sense???
banks have to apply for charters. I don't know all of the details, but you agree to be a pimp for the Federal Reserve by accepting the backing of the FDIC. Accepting being a pimp comes with consequences. A larger, more powerful pimp could take you over if your whores are not performing as expected. Until Congress reasserts their rights to control and coin money, we all must submit to be prostitutes to the Federal Reserve.