Guest post by Marco Streng from Genesis Mining
Marco is the Co-Founder of Genesis Mining.
Most Americans know that the federal government of the United States prints our money. They believe that the federal government owns federal reserve banks, and sets policy regarding our money.
These Americans also know that the federal government makes all the important fiscal decisions, from the value of interest rates to reserve requirements and all other things money.
But these Americans ― a whole lot of them, by the way ― are wrong. They aren’t dumb. In fact, without information stating otherwise, common sense would tell us that the federal government is the institution most likely to lord over our national financial network.
So we shouldn’t be shocked that the data shows a widely-held perception that the U.S. government owns the U.S. financial system, embodied by the federal reserve.
By the Numbers
We recently conducted a study of 1,000 American consumers and asked the question: who owns federal reserve banks?
54 percent of respondents said the government owns the federal reserve network, and by extension the flow of money in the United States ― it’s the common sense answer, but not the correct one.
Further, 22 percent of respondents admitted they did not know who owns federal reserve banks, 7 percent stated that private corporations own them, while 16 percent stated that a partnership between corporations and the US government was responsible for the Fed and its member banks.
None of these answers were far from the mark, but the fact is that the federal reserve network is technically an independent entity. Odds are that the Fed’s status as an independent financial institution isn’t the only thing the general public doesn’t know about America’s national banking network.