why does american allow a private bank to control our monetary system?
people say that if the american governemnt prints money it creates inflation? well isnt that exactly what the federal reserve is doing? and on top of that they create debt because we have to pay interest on the money we borrow from them. I've done my research, there is nothing federal about the federal reserve, they are a private corporation that elects there own leaders and creates there own rules. why no abolish the federal reserve and start over?
Comments
The Fed is a quasi public body and the Board of Governors are appointed by the President and confirmed by the Senate. They do not elect their own leaders.
You can't borrow money from the Fed, it lends to financial institutions not to individuals. The interest rate it charges is an important tool to help implement monetary policy.
The Federal Reserve is run a board of governors who are nominated by the President. I think you need to do more research.
I thought you meant Goldman Sachs. That bank does seem to run the government.