 clipped from action.firedoglake.comThe Federal Reserve is an odd entity, a public-private chimera that controls the US monetary system and supervises the banking system. The system is governed by a Board of Governors, with twelve regional reserve banks that serve a supporting role. While the Governors are appointed by the President with confirmation by the Senate, the regional Reserve Banks have boards of directors chosen primarily by private banking institutions. Right now, for instance, the CEO of JP Morgan, Jamie Dimon, serves on the Board of Directors of the New York Federal Reserve Bank, as did Goldman Sachs Director Stephen Friedman. |
"The light of the body is the eye: if therefore thine eye be single, thy whole body shall be full of light." --Jesus
"Sometimes the first duty of intelligent men is the restatement of the obvious" --George Orwell
"The test of a first-rate intelligence is the ability to hold two opposed ideas in the mind at the same time, and still retain the ability to function." --F. Scott Fitzgerald