posted on Oct, 8 2008 @ 08:52 AM
The Federal Reserve bank is a board of private Banks. It's function is described in its charter, which is renewed every 14-years by congressional
On the 'board' are the banks you mention. So in essence, the Fed is owned by the private banks - the opposite of what you were saying.. It is a
corporate entity comprised of private bank officers.
All of the central banks of the world operate like this.
The actual 'explicit' list of membership on the Federal Reserve Board, (in other words who owns it) is 'restricted' from public review... the
charter and relevant legislation gives the Fed the right to refuse oversight (no prying government eyes) and cannot be audited by a government
body (another right they deny the 'little people').
Sounds outrageous? It is.
The president is allowed to 'appoint' one member to the bank as a representative of the people of the US.... HOWEVER ... the appointee MUST come
from a list of people 'pre-approved' by the Fed board. SO Ben Bernanke is actually "our" appointee - but their employee....
Considering the new 'corporate cooperation' legislation in place, he answers to them and does what they tell him to do.... he's just a mouthpiece
for them with no accountability for the Fed actions he 'authorizes'.
[edit on 8-10-2008 by Maxmars]