$77.4 Billion: The Federal Reserve's 2011 ProfitSubmitted by pawnstorm12 on Wed, 11/21/2012 - 17:19
"The Fed reported a larger profit than America's five largest banks combined, thanks to interest on its massive portfolio of Treasury debt and other securities it bought during and after the financial crisis."
By Annalyn Censky
On Twitter: @AnnCensky
This factoid appeared in MONEY Magazine earlier this year.
(Site is cnnmoney.com)
This raises some questions in my mind...
Is THIS what the central bank was created to do - to make massive profits when things go bad?
Wasn't the central bank created to AVOID financial disasters and bank runs?
If the central bank can PROFIT off America's bad economies, doesn't that create a CONFLICT OF INTEREST since the FED has so much control of how the economy functions (ie interest rates, liquidity etc)?
Or maybe I just don't get it and I must be one of those Ron Paul KOOKS.