I was doing some reading by Richard N. Cooper, a top-ranking economics professor at Harvard. The material was BIS Working Paper 198 "Almost a century
There is also this link:
Just so everyone who is interested is aware, Richard Cooper states that the Federal Reserve is "private owned." By it's own admission, the Fed
defines itself as a "quasi-public" entity (whatever that means). And to be fair to Prof. Cooper, I'm taking the quote of his somewhat out of
context. It is at the end on this paragraph (page13 in the pdf)
"From the beginning the Federal Reserve System of the United States had a peculiar status. Although created by Federal legislation in 1913, it is
technically owned by its member banks, which appoint 72 of its 108 regional bank directors, who in turn select the regional bank presidents (subject
to approval by the Board of Governors in Washington), who in turn participate in framing monetary policy. The seven governors are appointed by the
President of the United States, subject to confirmation by the Senate, for 14-year non-renewable terms, with the chairman (Alan Greenspan, 1987-2006)
appointed for a renewable four-year term. Originally the Secretary of the Treasury and the Comptroller of the Currency, both public officials, sat as
ex officio members of the Board of Governors, but that provision
was eliminated in 1934. The Federal Reserve thus remains a curious hybrid, a privately owned, quasipublic institution, whose sole function is central
banking (including bank regulation and supervision)."
Now this publication is from 2006 but this summary of the Fed is a good example of what is generally accepted as an accurate synopsis. It is the
regional Federal Reserve Banks (private entities) that "own" the Federal Reserve Bank of Washington. This differs somewhat from the generalized view
of Carroll Quigley who asserted that the Fed was created by the top banking families at the time (xmas eve, 1913) and these families own shares in the
Fed. I don't think either viewpoint would fully cancel out the other.
I just wanted everyone who cares to know Richard Newell Cooper
-a CFR member and contributor
-a Trilateral Commission member and contributor and
-a Bilderberg attendee
is on record as recognizing the Federal Reserve to be "private owned."
Ive gotten into debates as to whether the Fed is public or private and this is just a little more ammunition to use.
I hope all you Americans are happy to know the currency of your country is issued by a "private owned" bank.