03-02-2013, 15:57
|
#11
|
|
laeva recumbens anguis
Cable Forum Team
Join Date: Jun 2006
Age: 68
Services: Premiere Collection
Posts: 43,604
|
Re: Zimbabwe had £138 in the bank
One small point re the Bank of England, but a very important one - the capital stock is now held by the Treasury Solicitor on behalf of HM Treasury, and as it states in the BoE website
Quote:
|
“As a public organisation, wholly-owned by Government, and with a significant public policy role, the Bank is accountable to Parliament”
|
Not quite the same as a " privatly run bank of England not run for public interests" (sic), is it?
Regarding the Federal Reserve
Quote:
The Federal Reserve System fulfills its public mission as an independent entity within government. It is not "owned" by anyone and is not a private, profit-making institution.
As the nation's central bank, the Federal Reserve derives its authority from the Congress of the United States. It is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms.
However, the Federal Reserve is subject to oversight by the Congress, which often reviews the Federal Reserve's activities and can alter its responsibilities by statute. Therefore, the Federal Reserve can be more accurately described as "independent within the government" rather than "independent of government."
The 12 regional Federal Reserve Banks, which were established by the Congress as the operating arms of the nation's central banking system, are organized similarly to private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.
|
toon, World Daily News is not really a reliable source of information....
__________________
Thank you for calling the Abyss.
If you have called to scream, please press 1 to be transferred to the Void, or press 2 to begin your stare.
If my post is in bold and this colour, it's a Moderator Request.
|
|
|