Monday, January 25, 2010
The Federal Reserve is NOT a public Entity!
Fed posts record $52B profit for 2009! YAY! Wait, how can a government agency post profits? They can't unless they're a private entity. Doesn't the U.S. constitution demand that Congress coins the currency. Oh well, who cares what that dead letter says anyway?
But when you go to their website, it clearly states that the fed is NOT private.
Really, if read the website, it clears states that it is an independent bank that makes decisions that "do not have to be ratified by the President or anyone else in the executive or legislative branch of government." The fed doesn't accept funding from Congress (with the exception of TARP) like a normal agency or public entity and it does not need Congress' approval for anything.
The website then states that Congress is subjected to oversight. But if the bank doesn't need Congress for funding and can make decision without the government's approval, the so called oversight in non-existent.
The website continues to state that the Federal Reserve is audited on several levels, which is another way of saying that no one gets to look at the books. Ever wonder why Congressman Ron Paul is so eager to audit the fed, the answer is simple: The Federal Reserve is a private bank.