AT 7.36, Alan Butler claims the Federal Reserve is a private corporation not tied to the federal govt. That statement is false. The branches are set up like private non-profits. The system as a whole is part of the federal govt.
The Federal Reserve sent 82 billion to the Treasury this past year. If they are not part of the Federal Govt, why are they sending 82 billion to the Treasury? The Fed has a unique structure. If you are going to criticize the Fed, you better understand this simple fact. The Federal Reserve is not a private bank.
Since 2007, the Fed has sent 390 billion to the Treasury.
Table 2.5—Composition of "Other Receipts": 1940–2018 http://www.whitehouse.gov/sites/default/files/omb/budget/fy2014/assets/hist02z5.xls
“Begin each day by telling yourself: Today I shall be meeting with interference, ingratitude, insolence, disloyalty, ill-will, and selfishness – all of them due to the offenders’ ignorance of what is good or evil.” ― Marcus Aurelius, Meditations (HT Sirk)
AT 7.36, Alan Butler claims the Federal Reserve is a private corporation not tied to the federal govt. That statement is false. The branches are set up like private non-profits. The system as a whole is part of the federal govt.
ReplyDeleteThe Federal Reserve sent 82 billion to the Treasury this past year. If they are not part of the Federal Govt, why are they sending 82 billion to the Treasury? The Fed has a unique structure. If you are going to criticize the Fed, you better understand this simple fact. The Federal Reserve is not a private bank.
Since 2007, the Fed has sent 390 billion to the Treasury.
Table 2.5—Composition of "Other Receipts": 1940–2018
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2014/assets/hist02z5.xls
2008 33,598
2009 34,318
2010 75,845
2011 82,546
2012 81,957
2013 82,853
“Begin each day by telling yourself: Today I shall be meeting with interference, ingratitude, insolence, disloyalty, ill-will, and selfishness – all of them due to the offenders’ ignorance of what is good or evil.”
Delete― Marcus Aurelius, Meditations (HT Sirk)