FOX19 discussed how the US Federal Reserve was created, by whom and for what purpose.
Objectives of the Federal Reserve
- Stop competition from newer banks.
- To obtain a franchise to create money out of nothing for the purpose of lending.
- To get control of all reserves of other banks so that reckless banks wouldn’t be over run.
- To shift the losses from the banks to the taxpayers.
- To convince Congress that the purpose was to protect the taxpayer.