If you didn’t know any better, you’d think that the Federal Reserve is a public entity. It’s right there in the name. The Fed is a part of the United States Federal Government, right?
That’s just what mainstream politicians, economists, and media personalities would have you believe. Any attempt to claim that the Fed is owned by private banks, hell-bent on using their state sanctioned power to dominate and manipulate the economy, will have you labelled a conspiracy theorist in a heart beat.
However, the revelations of a former Federal Reserve adviser would suggest that this idea is far from crazy. Dartmouth professor Andrew Levin, who worked with Ben Bernanke and Janet Yellen from 2010 to 2012, has been calling to reform the Federal Reserve. He admitted the following to the Wall Street Journal:
“A lot of people would be stunned to know” the extent to which the Federal Reserve is privately owned, Mr. Levin said. The Fed “should be a fully public institution just like every other central bank”
Levin’s proposed reforms include bringing all 12 regional Federal Reserve banks under the control of our government, altering the process of selecting bank presidents so that the public has more input, and giving them term limits. Levin also wants the Government Accountability Office to review the Fed’s operations on a yearly basis, and to place this organization under the purview of the Freedom of Information Act.
Perhaps not as good as ending the Fed, but it’s a start.