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Originally Posted by raytri";p="
What the link doesn't say is that the whole system is overseen by the Fed's Board of Governors, who are appointed by the President and confirmed by the Senate.
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You'll have to excuse raytri. He's a statist who gets EXTREMELY agitated whenever anyone questions anything he likes about the government. He was in the military where you're basically the property of the government and when they tell you to jump you have to say "how high?" or risk punishment. He believes in central control of everything and bowing to the government as often as possible.
What he just said doesn't stop the Fed from making a profit - nor does it stop the Fed from impeding the market.
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Y'all ought to be happy that the Fed system is somewhat independent. That's what keeps the government from simply printing more money whenever it wants.
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LOL. No, it's not. More money gets printed via the Fed due to private debt requests, as the video neatly shows.
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It uses market forces to control the money supply instead, and is somewhat insulated from political pressure.
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ROTFLMAO. Please stop lying. A central bank is one of the planks of the Communist Manifesto. The Fed is a government-created monopoly - not a market creation. And the legal tender laws prohibit the market. Everyone is forced to use the fiat federal reserve notes for all public and private debt payments, or face the force of the government.
But thanks for that, it demonstrates perfectly the irrationality of the statist mindset on this issue.