FOX19 discussed how the US Federal Reserve was created, by whom and for what purpose.

Objectives of the Federal Reserve

  1. Stop competition from newer banks.
  2. To obtain a franchise to create money out of nothing for the purpose of lending.
  3. To get control of all reserves of other banks so that reckless banks wouldn’t be over run.
  4. To shift the losses from the banks to the taxpayers.
  5. To convince Congress that the purpose was to protect the taxpayer.