Steve_American wrote:The econ. Prof. who are MMTers treat the Fed. Res. as a branch of Gov.
. . . They say ---
1] It (the Fed.) was created by an act of Congress which directs it to fight unemployment and inflation.
2] It is called a corp., but all real corps. have charters from a state like Delaware. Does the Fed. have a state charter?
3] All the profit it makes goes into the US Gov. account at the Fed. What real corp. gives all its profit to the Gov.?
4] A majority of its Governors and the Chairman are appointed by the President and can be removed by him also.
It doesn't seem much like an ordinary real corp., does it?
The Act of Congress creating it basically created it as a means of rediscounting commercial paper. The Fed is regulated by Congress, and the current objective is to maintain full employment while keeping inflation low. Just because something is created by an Act of Congress doesn't mean it doesn't have any normal properties. For example, Wells Fargo Bank is a nationally chartered bank, but it is still a Delaware Corporation. The Fed is owned by its member banks, who themselves are corporations too.
Cities are typically municipal corporations as well. Municipal corporations have officers and directors that are generally not known to the public, since they don't perform any political roles.
SpecialOlympian wrote:I haven't read any of the last 20 plus pages or so but I'm just going to assume from what Steve_American quoted that blackjack's YouTube education, at the feet of transsexual and transvestite Nazis like Styxenhammer, has finally brought him to the point where he's angrily showing dollar bills to people and shouting, "See!? It's not money, it's a Federal Reserve Note!"
I actually have a degree in business. So I don't have to entertain any theories about how banking works from Styxhexenhammer666. Not that it would matter to you given your penchant for hallucinogenics, but I wrote the business and functional requirements for a legal compliance expert system for interstate lending in the mid-2000s. I could give you a long discussion on the difference between federally-charted banks, state chartered banks, state-licensed lenders, federal and state savings banks, credit unions, etc. I'm sure you would find it amusing, since you seem to find virtually everything amusing (pseudobulbar affect disorder?).
SpecialOlympian wrote:Guys! Guys! The Air Force and Trump's Space Force are unconstitutional!!!
The constitution does not preclude creating an Air Force or a space force.
Using "republican" as a set, you can also spell lice, crap, reap, blue, care, pane, burl, lean, bean, narc, ruin, near, real, pure, epic, crane, lance, pubic, public, libra, clear, neural, nubile, nuclei, prince, nail, nailer, peculiar, ruinable, and incurable among others. Far out man!!!
"If anyone is looking for a good lawyer, I would strongly suggest that you don’t retain the services of Michael Cohen!"
-- Donald J. Trump