It is impossible for a man to serve two masters. All the governors are from the banking industry, and they cannot arbitrate between what would be best for the citizens and what would be best for the success of the bank. They don't even try. It is a long slow burn and transfer of wealth that they patiently execute at a pace that does not scare the golden goose or kill it.
The Fed exists to make the citizens pay retail prices for access to money that the founding fathers established should be created at wholesale.
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