Federal Reserve has a .GOV extension on the domain, plus the FDIC

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krogoth's picture
krogoth
Status: Platinum Member (Offline)
Joined: Aug 18 2008
Posts: 576
Federal Reserve has a .GOV extension on the domain, plus the FDIC

OK here is the definition of the Federal Reserve-

The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act, it is a quasi-public (government entity with private components)

Quasi Public? Ok this is strange because the Private banks elect members of the board of directors at their regional Federal Reserve Bank while the members of the Board of Governors are selected by the President of the United States and confirmed by the Senate. The books stay closed to the public, and the inner workings of the company are for the most part, private to the government.

So Quasi Public means you can have a .gov extension on your website domain to further fool the people.

I also have some questions about Sheila C. Bair, Chairman of the Federal Deposit Insurance Corporation. Who appoints her? The research I have looked up shows she is appointed by the board. What board? The board of the FDIC? Does the FDIC  make interest off the monies paid to them by banks, and if so after operating expenses, where does the profit go? Anyone who knows about this other secretive organization, please elaborate me.

 

Thanks in advance

DanS's picture
DanS
Status: Member (Offline)
Joined: Apr 6 2008
Posts: 21
Closed?

"The books stay closed to the public, and the inner workings of the company are for the most part, private to the government."

The workings of the Federal Reserve are generally transparent, but highly complex.  The financial statements are all published online.  Do some drill down on their website(s), e.g., http://www.federalreserve.gov/

I would suggest the public (heirs of failed socialistic public education) do not have the intelligence to interpret what they read.

As for your curiosity about the FRS's hybrid nature, do some reading of financial and banking history leading up to the Federal Reserve Act of 1913.  The various architects attempted to emulate the Founder's philosophy of checks and balances, but were not successful...in my opinion. 

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