jpmorgan to exit physical commodity business, page-17

Since we will be waiting for an impossible event to happen, let's move on.

What we call the FED it is a system of several federal reserve banks( 12 if I am not mistaken). These banks have a president and a board of directors and none of these people can be a member of the Board of Governors of the Federal Reserve System.

However, the members of Board of Governors of the Fed together with 5 of the presidents of the 12 federal reserve banks do form a very important committee called the FOMC (Federal Open Market Committee) whose utterances are always of special interest to the markets and goldbugs.

Since the federal reserve banks are the bankers of the other banks, their capital is made of contributions made by these same banks. However the subscribers of this capital have no saying over the way the Fed is suppose to implement its mandate under the law.

So, if you hear that the Fed is governed by foreigners or is subjected to the whims of private interests, just do not listen because that is part of the usual crap.