Sabri Oncu wrote: > The question is: Is the Fed a public bank? I think, in these days, it > is: it functions more like a branch of the US government, although > practically, it is still owned by a consortium of private banks.
I'd say that the Fed is a government-sponsored cartel of banks. But because its operations have such a big impact on the economy, it sometimes has to ignore the political pressures from the banks and Wall Street and listen to politicians about sordid matters like excessively high unemployment. -- Jim Devine / "The conventional view serves to protect us from the painful job of thinking." - John Kenneth Galbraith _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
