Come on Ewell and Makeherhappy I am patiently waiting to hear the debate on this one. I read the article by MHH and also went to the federal reserve board website
http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm
I noticed what is key in my mind to whether or not the fed is in effect private or public. It is clear from both websites that the Fed does make investments and it does make a profit off of those investments. MHH website says that money goes to the stockholders, the Fed says that after expenses (and this may be the catch) all funds are turned over to the U.S. Treasury. My question is where does the money go.
Is money transfered to private individuals other than federal reserve employees?
All funds as stated by policy are returned to the U.S. Treasury.The conspiracy has never been the the banking families used the fed to profit indirectly...the claim what that central banks are used to inflate currencies and cause panic by tightening the money supply, causing markets to plummit..and these already wealthy family that are behind these central banks buy stock, corporations, bonds, etc for pennies on a dollar during depressionary market conditions. This is exactly what happened with the great depression and policy enacted by the FED prolonged the depression...it didnt bring us out of it.
If so is this considered a business expense for the FRB?
Another question I had is on the nature of investments of the fed. Who oversees the policy behind these investments? Do they relate to the feds main goal of "conducting the nation's monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices" or is the goal simply to make a profit?
The policy of the Federal Reserve Banks are overseen by the Federal Reserve Board..with Alan Greenspan currently setting banking policy with really unparalled power because his record is go great. However, he is stepping down now.
I know this wasn't the topic of the thread but I am very curious to hear some info from others who may have read more about it than me.
Thanks