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<p>[QUOTE=&quot;V. Kurt Bellman, post: 2296574, member: 71723&quot;]Actually, that is complete nonsense. Does the President of the United States appoint the Chairman of the Board of Federal Express or Federal-Mogul? Does the United States Senate confirm them? Does the bicameral Congress establish the policy prescriptions and goals for Federal Express or Federal-Mogul?</p><p>No, no, no and no. The Federal Reserve system has those attributes.</p><p><br /></p><p>Does Federal Express have &quot;members&quot; who are required by federal law to buy shares in Federal Express at a share price established by federal law? Does Federal-Mogul? No and no. The Federal Reserve system does.</p><p><br /></p><p>Is the investment return to stockholders of Federal Express or Federal-Mogul set by federal law? No it is not. It is for shareholders in the Federal Reserve system.</p><p><br /></p><p>No, the Federal Reserve is fully and completely federal. What it is NOT is subject to political machinations. It is intended to be every bit as politically INDEPENDENT as the federal courts are, and that&#039;s what some politicians who like to lie about the nature of the Federal Reserve can&#039;t stand.[/QUOTE]</p><p><br /></p>

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