Aielyn said:
I'm sorry, but that logic doesn't make any sense. One person can own a company, but another person can manage it. I'm not saying that the Federal Reserve isn't owned by the government, nor am I saying that it is. I'm saying that you'll have to do better than the argument you gave here. |
Actually no, no they can't.
If you can't exercise ownership rights, you don't own anything.
The whole point of ownership is that you either alone, or in concert with other owners have control over what you own.
If I told you I'd sell you my company, and in return, I'll still make every decision, you can't argue or have any recourse about any decison i make, and I will pay you... whatever i really felt like, and spend the rest of the profits on my family and paying off my bills....
Would you say i was offering to sell you the company or I was conning you?
This is the same situation, except the US government isn't even trying to con the banks. It's simply "If you want the support of the Federal Reserve, you have to buy in."
It's essentially just a selective taxation plan. It's function is government is pretty similar to that of the Supreme Courts, except the sitting president holds a bit more influence, and if you want to have support from it, you have to pony up some cash upfront.
From their own website...
"
The Federal Reserve System fulfills its public mission as an independent entity within government. It is not "owned" by anyone and is not a private, profit-making institution.
As the nation's central bank, the Federal Reserve derives its authority from the Congress of the United States. It is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms.
However, the Federal Reserve is subject to oversight by the Congress, which often reviews the Federal Reserve's activities and can alter its responsibilities by statute. Therefore, the Federal Reserve can be more accurately described as "independent within the government" rather than "independent of government."
The 12 regional Federal Reserve Banks, which were established by the Congress as the operating arms of the nation's central banking system, are organized similarly to private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year."
