"The Fed Has a Serious Problem This Time...Raising interest rates high enough to dent inflation would bankrupt the US government."

submitted by iamonlyoneman from zerohedge.com

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[–][deleted] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (2 children)

The FED is a private entity. It is not beholden IN ANY WAY WHATSOEVER to the US government, just like almost every other central bank in the world. They do what they wish and then have the government cover for them. Same in the USA where there is this whole sham of the President choosing a governor for the Fed... From a list prepared by its owners. And "testifying" before congress. They only do it because it makes the sheeple believe the Fed is part of the government.

[–]iamonlyoneman[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Who appoints the directors at the fed?

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

The Fed's owners CHOOSE a number of candidates they will accept, and FROM THAT LIST AND THAT LIST ONLY is the POTUS given the meaningless "power" to "appoint" the governor. The directors are all chosen by the owners. These owners are private individuals.