How Is This Not A Massive Conflict Of Interest?
Submitted by Simon Black via Sovereign Man blog,
06/09/2014 22:01 -0400

Henry Ford once said, “It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

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People erroneously believe that it’s somehow controlled by the government… in the US, for example, the President of the United States appoints members of the Federal Reserve Board of Governors.

Right now there are 4 presidentially-appointed Fed governors.

Meanwhile there are 12 Federal Reserve Bank presidents who influence the decisions of the all-powerful Federal Open Market Committee (FOMC).

Remember, the FOMC is the body within the Fed that essentially dictates monetary policy. It is the FOMC which decides how much money to print, and whether or not to loan this money to commercial banks at basically 0%.

All 12 Fed bank presidents sit in those meetings. 5 of them are actually voting members.

It certainly begs the question– how are the Fed bank presidents chosen?

Simple. Each of the 12 Federal Reserve banks has a board of directors… 9 directors at each bank. And the board selects the bank president.

So who gets to pick the Fed bank directors? The government, right? Wrong.

The majority of the directors are chosen by the commercial banks themselves. JP Morgan. Bank of America. Citigroup. Etc.

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http://www.zerohedge.com/news/2014-06-09...nflict-interest

Note currently there are five board members out of a possible 7. Two of the seats are empty
http://www.federalreserve.gov/aboutthefe...ard/default.htm