... this is part of the intentional confusion. You will find people say the Federal Reserve is private and others who will say it is public. Who is right?
The Federal Reserve SYSTEM was created in 1913 by Congress.
There are 12 Federal Reserve BANKS, who have a MONOPOLY (government-granted) over banking operations in their sector. These are PRIVATELY owned.
There is the Federal Reserve Open Market Committee (FOMC) which was NOT part of the Act of 1913. It was created in 1933 (year sound familiar?). It is a committee that "sets policy" for the privately-owned banks, but it is considered public because the President appoints the FOMC chairman.
The Federal Reserve has been sued under the Freedom of Information Act and guess what? The Federal Reserve BANKS claim they are PRIVATE and therefore not subject to FOIA requests, while the FOMC has agreed to release information.
So, when Bernanke is asked if the "Federal Reserve" is a public agency, he can say yes with a straight face. But the REAL power and wealth is not within the FOMC. They only set policy, which the banks themselves want and the banks carry it out for private gain.
The reason it is evil is because the government has granted these private banks a monopoly on creation of money, which is also debt.
Just end the Fed. Allow banking to be 100% private with NO monopolies and NO secrecy. If that happened, people could choose which currency they want to own. Maybe even the Libyan Gold Dinar. Who knows? But it sure as hell would not be Federal Reserve Notes backed by nothing.
And if people just can't handle the thought of 100% private banking system, then have the US Treasury issue debt-free currency, backed by gold and silver.
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