Reply #32: The Fed is a federal agency. It's nothing like a private bank. [View All]

[HamdenRice]

There is a lot of Ron Paul ideology floating around that the fed is private, a servant of banks, etc.

Just get a reputable college economics textbook to learn the truth. Obviously the Fed works closely with the banks and has some similar goals, but it is a public, federal agency. It's work is nothing whatsoever like the work of private banks. It is a Keynesian, New Deal institution intended to allow the government to control monetary policy (technically created during the Progressive Era of Wilson, but its modern function is a result of what FDR did to it during the New Deal).

Libertarians and Ron Paul supporters have spread the meme that the Fed is not a federal public agency, but it's just not true. They want to abolish the Fed and go back to the gold standard so that we will all be serfs of those (the super rich) who own the gold. For reasons that are beyond me, some self described leftists have swallowed this malarky and support us voluntarily going back to being slaves of the gold owners.

Oh, wait a minute. Were you being sarcastic???