OK, the "Federal Reserve Bank" is not federal, has no reserves. Does it safeguard America's money like a bank?

Question

OK, the "Federal Reserve Bank" is not federal, has no reserves. Does it safeguard America's money like a bank?

Answer 1

The Federal Reserve is Federal, believe it or not. The USPS isn't Federal, Conrail isn't Federal, do you believe that? Banks don't safeguard your money, it insured to a limit by the FDIC, F being Federal. Some states offer credit unions extra safe safeguards over and above FDIC, one comes to mind is MCSI.

Answer 2

no, the federal reserve is never audited and it prints money whenever it wants that is backed by nothing which severely devalues our dollar. it is destroying america.  the federal reserve was created in 1913 and 16 years later it caught up with america and caused the great depression.  

Answer 3

The federal reserve is a cartel of private banking interests and is not a branch of American government.... Who's back do you think they have?

Answer 4

No.  It is a private institution whose board members are appointed by the president and confirmed by the US Senate.  They actually establish the anount of reserves each Federally chartered bank must keep in reserve. (see overnight fund interest rate)

They also "mamage" the economy by setting certain key interest rates. The others are set by competitive auction at US Treasury auctions.

Answer 5

hahaha,smoke and mirrors...........