The Federal Reserve is not a federal agency. It’s a separate organization. It’s a private entity. We’re set up in 1913, after a depression that was far worse than the Great Depression, which happened in around 1903. And one of the things that the government came to realize was there’s a huge problem with the monetary system. And they helped establish a private organization called the Federal Reserve. Very conveniently, they put the word federal in there to give it instant credibility. But, and maybe for some other deceptive reasons, the Federal Reserve is the window of which every bank in the country goes to to get money.
Federal Reserve has been giving the charge of our monetary system when they were originally established. This is one of the things that irks me more than anything I ever watch on television with the government. But that’s just because of the way I’m wired about economics. But the Federal Reserve was established as a private entity, but accountable and reportable to the government.
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