raghu <[email protected]> wrote: > (1) What does it mean to say the Fed is privately-owned? I can > understand why someone would say the NY Fed is "owned" by the Wall St > cartel, but that does not seem like an accurate description of the Fed > Board of Governors.
the 12 Reserve Banks are owned by member banks, but the system as a whole is government-run (through appointees). Both the banks and the appointees are on the Open Market Committee. It's a public/private partnership. In addition, I'd say it's a government-sponsored cartel of banks. > (2) Nationalizing the Fed would simply turn the central bank from the > control of technocrats like Bernanke to political appointees. Why is > this necessarily a good thing? yeah, is Geithner preferable to Bernanke? -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
