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Spencer Pratt Says the Federal Reserve is Just like Federal Express

7/13/2009 by

Heidi Montag and Spencer Pratt have a poor understanding of how the Federal Reserve system works. That’s ok, a lot of people get confused.


If you jump to the eight minute mark you can hear Spencer state that the Federal Reserve is a private company just like Federal Express.

source: [business insider]

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Topics: Heidi Montag, Spencer Pratt, Wired Gossip, Wired Videos
 


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Comments
1
Ace | July 16th, 2009

Spence is actually correct on this one. I never thought I would say that. The Federal Reserve Bank does have a contract with US interests in Washington to fund the nation, but all of that money is borrowed at interest. It is a private company.

2
John | July 22nd, 2009

The Federal Reserve is owned by 12 regional reserve banks. Those banks are then owned by it’s members (private banks). The Fed is ‘independent’ to prevent politicians from changing the interest rates in election time. Who do you trust more: bankers or politicians? Tough question…

3
Gene | July 27th, 2009

Trust neither the bankers or the politicians. The Fed ownership is kept a secret so no one really knows who is giving Bernake his marching orders. Try calling the Fed and ask who the owners are. They were intended to establish a stable monetary policy. If you call dropping interest rates to 1% thereby creating the opportunity for subprime loans, then raising rates to 5.25% to cause the current economic disaster a safe monetary policy, then you believe in fairy tales.