The Federal Reserve is setup much like a public utility run by private interests. It was designed that way deliberately.
Yes, it was, because it was in the opinion of some of the founding fathers that it should be illegal for the federal government to issue credit-based money. That is why the three post-constitution central banks of the United States were all set up as "private banks". The federal government has the right to
coin money, but the right to issue credit money was actually intentionally scrapped from the constitution. This information is historically available.
well outside of the original scope of American government.
Hardly. It was within a couple of years of the constitution's ratification that the first bank was born.
Money is primarily created "in banks". Banks issue our money.
Credit money is created in banks.
Base money is created by the federal reserve. Without an increase in base money, credit money cannot expand, therefore the federal reserve has ultimate control over how much the money supply can expand--ergo
it ultimately is in charge of issuing money. Since
congress is in charge of determining whether or not the federal reserve is performing its capacity at an acceptable level and has the ability to dissolve it in favor of a new system,
congress is ultimately in charge of the monetary system.
IOW, neither America nor its currency is sovereign. Both are beholden to private interests first.
Bitcoin: it came along just in time.
In other words, politicians are corrupt, yada yada yada here's a currency that is
primarily issued by the wealthy, join up, we're less corrupt I promise
