Zombie "untruths" on the attack again.
Look, folks.
I know that Internet "libertarians" have a lot invested in this particular myth.
But it's just not true.
Nobody "owns" the Federal Reserve system.
It's not a privately-owned institution. It's not! It's just not.
From the Federal Reserve's own FAQ:
Who owns the Federal Reserve?
The Federal Reserve System is not "owned" by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.
As the nation's central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as "independent within the government."
The Fed is not owned by its member banks.
It's not a private co-operative designed to serve the interests of the financial services industry.
The Federal Reserve System is a part of government with a clear obligation toward serving the interests of the citizens. This obligation is part of its charter. It exists to serve Americans. It is a government entity. It's not a private institution.
It's not owned by anybody.
Oh, jeez.
Ben Bernanke's job is to work for us.
That's it.
That's his only job.
If he choses to intervene on behalf of the banking system as a whole, he can only do this in the spirit of serving the American public. He is a public servant. The job of his institution is to serve the American people.
Arghghghghghgh!
Good grief.
Let's let this particular myth expire, can we?