Not exactly correct, the 6% dividend is a statutory payout that must be paid regardless of what the systems profits are, the surplus then goes over to the treasury.Quote:
Except that the 6% return is a cap, not the required dividend
they can sure as **** not have the CEOs of the banks in question on the board of the group deciding where the free money goes. Conflict of Interest.Quote:
The cheap loans the banks get is how money supply is increased within the economy. You can argue that this is not the best way to do that, but it seems that people who spend their lives studying this very question haven't come up with a better way.
I'm well aware, you say it as if it's a revelation. The fact remains that it is not answerable to the executive or legislative branches. Its decisions or even decision making process on monetary policy can not be part of any audit and its stated purpose is to have part public and part private aspects.Quote:
The Federal Reserve system has only presidentially nominated people on its board. The Federal Reserve Banks have some government and some private appointees. However, the members of the federal reserve banks are designed to be in a minority in any voting that happens, and the board of governors of the Federal Reserve System are in the majority.