Quote:
Originally Posted by padrino
Kerry, since when the US is in control of as you said "own" currency? Correct me if I am wrong but the US dollar it doesn't belong to the US. As everyone knows the Federal Reserve is a privately owned bank. The name is hugely misleading.
According to the Board of Governors, the Federal Reserve is independent within government in that "its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government."
They can do whatever they want.
In your example of UK, they do have Central Bank institution: Bank of England that is responsible to answer to the government. Here Federal reserve is NOT.
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They are not under the direct control of the Congress or President but they are an institution within the country which has control over the value of the currency and they are subject to political pressures. The member states of the EU lack such an institution within their own countries except for the ones who refused to go on the Euro.
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