The banks come first with the Fed. The Fed is privately owned. Yellen is paid by interest on bonds, not by a salary from the government. She makes what cabinet members do, which is to throw people off to the private nature of the bank. Tim Geithner, as president of the NY Fed, made over 500 thousand dollars per year. He didn't pay his taxes but it didn't stop the Fed from installing him as a mole in Treasury to bail out Goldman Sachs and the foreign banks.Soo...where did the money go? If the banks bet wrong, there is another seller/buyer out there who took the other side of the bet.
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The debts were too large to be paid, thus the Trillions through the back door versus the over a Thousand Trillion in Derivatives that were created in a matter of years..............The asset to bets of the Big 5 banks in this country are BS.
The Fed is privately owned.
No it isn't.