The non-Federal no-Reserve in under three minutes

[MTPorcupine3]

For all your friends and neighbours with a short attention span, this is a great nutshell summary of the banking industry, the Federal Reserve, and their influence over you.



http://www.youtube.com/watch?v=J2fjxaRLpQo&feature=related

[John Edward Mercier]

Independent Government Agency does not equal private corporation.
The banking industry was private until the enactment of the Federal Reserve System by Congress.

The System was modelled after JP Morgan's solution to the Panic of 1906. There is no historical reference that his intention was for it to become systematic... but only a short term solution to an exasperated fractional reserve banking problem.