=??Q?Re:_Confused_about_the_Federal_Reserve=3F?=



On 11/27/2007 21:27:24 "Dan in Philly" <djr8@xxxxxxx> wrote:

The individual Fed banks are private. But monetary policy is an extension
of the US government. When money is created, the individual Fed banks
don't become richer.

Paul Krugman: "Well, the Fed is what the British call a quango -- it's a
quasi-non-governmental organization. It's not exactly part of the
federal government, but it's not exactly not part of the government
either. The president chooses the chairman and some of the board
members, but the regional presidents are chosen by the local
business community; altogether a strange structure, designed mainly
to insulate the thing from partisan politics."

http://krugman.blogs.nytimes.com/2007/08/20/sounding-the-warning-bell/

--
Whether strength of body or of mind, or wisdom, or virtue,
are found in proportion to the power or wealth of a man is
a question fit perhaps to be discussed by slaves in the
hearing of their masters, but highly unbecoming to
reasonable and free men in search of the truth.
-- Jean Jacques Rousseau
.

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