The Federal Reserve

[tdavis]

I read "The Creature from Jekyll Island" by G. Edward Griffin, and it has me thinking not only about the precarious means by which the Federal Reserve was put together, but also about the relation between the Federal Reserve and the current recession.

The first fact that everyone has to realize (but I would assume 80% of the population doesn't know) is that the Federal Reserve is not a governmental entity, it is a group of banks. While these banks are "American" companies, the controlling interest in these banks however may not be. While the chairman of the Fed is appointed by the president, in many cases the list of available people to take the helm is so narrow and limited that the president has very little choice except to choose one of those who the banking institutions put forward for the job.


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