Toro
Diamond Member
You have been duped. The Federal Reserve was started by Rockafellor & JP Morgan. The same Rockafellor that started Standard Oil. The same Rockafellor who became the richest man in the world when we made him break up his oil monopoly.
The Federal Reserve System is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act (signed by Woodrow Wilson), it is a quasi-public and quasi-private (government entity with private components) banking system.
Can you explain the private component? You probably can, but your understanding makes you seem naive.
The Federal Reserve System was started by the US government, not by Rockefeller and JP Morgan. It was a compromise between the government and the private banks, given Americans long antipathy towards a highly powerful central bank, particularly one that was government owned.
The private component is that they share in the profits - though most of the profits go to the US Treasury - and they get votes on who sits on the boards of each banks. But the Fed is subservient to the US government by law.