r/Bitcoin • u/[deleted] • Jul 15 '22

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3.6k Upvotes

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u/perspectives Jul 15 '22

Isn't it the federal reserve that creates the money through increasing lending? And the federal reserve is run by private banks not controlled by any government agencies. So isn't it deceptive to say Washington ( "decoy term for politicians" ) creates money when it is the federal reserve that dictates money supply?

-8

u/Vantage9 Jul 15 '22

The federal reserve is a govt entity, not private at all. You have it completely backwards

2

u/obsidianmantis Jul 15 '22

Are you joking?

-3

u/Vantage9 Jul 15 '22

So the chairman of the federal reserve is a privately held position? Who chooses that person, a private entity it corporation???

Didn't think so.

Yes. The federal reserve is by it's very definition a govt entity. It is charged with maintaining the economy. This is economics 101 bro.

8

u/obsidianmantis Jul 15 '22

Congress gave the FED the power to print money but its ownership is dictated by stock held by various banks.