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post #3 of (permalink) Old 11-30-2011, 06:12 PM
sickcat's Avatar
Join Date: Apr 2007
Posts: 113
I think it should be made clear that the Federal Reserve is NOT federal and it has NO reserves.

It is owned by its member banks, witch are all the big ones. The only connection to the federal government is that the president appoints the chairman and some of the governors.

So in truth, the article should read "Banks print 7.7 trillion dollars because they felt like it".

we're so screwed...
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