In what respect is the fed like a private banking institution

Question

and in what respect is it more like a goverment agency

Answer 1

It is both. In reality it is a cartel. It is a collaberation between government and the private banking system. J.P. Morgan is the largest shareholder of the FED. The Fed has a monoply to create bank notes. Prior to the FED all banks created their own bank notes. The US Treasury did as well. The FED was created as the lender of last resort and was designed to bail out the large banks as is happening now and to place that debt burden on the taxpayers and remove that liability from the banks. Its an interesting history. I suggest you reag a book called The Creature from Jekyll Island.Or watch the vieo based on the book here http://video.google.com/videoplay?docid=...