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Who Owns the Federal Reserve Bank and Why is It Shrouded in Myths and Mysteries?

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The Federal Reserve Bank (or simply the Fed), is shrouded in a number of myths and mysteries. These include its name, its ownership, its purported independence form external influences, and its presumed commitment to market stability, economic growth and public interest. The first MAJOR MYTH, accepted by most people in and outside of the United States, is that the Fed is owned by the Federal government, as implied by its name: the Federal Reserve Bank. In reality, however, it is a private institution whose shareholders are commercial banks; it is the “bankers’ bank.” Like other corporations, it is guided by and committed to the interests of its shareholders—pro forma supervision of the Congress notwithstanding.

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In my run for U.S. Senate against Utah's Orrin Hatch, I posted many progressive ideas and principles that I internalized over the years. I'm leaving that site up indefinitely, since it describes what I believe most members of our species truly (more...)
 

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