I don’t know what FascistSoup is talking about. Socialist propaganda? I have never in my life heard any socialist try to convince anyone the Fed is a private entity. Are you just throwing out buzz words like shit against a wall to see what sticks?
“it is an independent entity within the government, having both public purposes and private aspects. […] The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation’s central banking system, are organized much like private corporations—possibly leading to some confusion about “ownership.” For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.”
And that’s what they put on their website. For a look into what’s between all those peachy lines, you can look here:
The Creature from Jekyll Island: A Second Look at the Federal Reserve by G. Edward Griffin
http://www.youtube.com/watch?v=bhMacPvc5qc
“There are actually 12 different Federal Reserve Banks around the country, and they are owned by big private banks.”
Who Owns the Fed? by Jake Towne
The Money Matrix series by Jake Towne