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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Primer on Money: What is Money, How Is It Created, and the Role of the Federal Reserve

Primer on Money: What is Money, How Is It Created, and the Role of the Federal Reserve

Patman, Wright
House Banking and Currency Committee

Hardcover

General Political ScienceUnited States Politics

ISBN10: 1646796578
ISBN13: 9781646796571
Publisher: Cosimo Reports
Published: Feb 1 2018
Pages: 158
Weight: 0.66
Height: 0.50 Width: 5.00 Depth: 8.00
Language: English

...We have what is known as the Federal Reserve Bank System. That system is not owned by the Government. Many people think that it is, because it says 'Federal Reserve'. It belongs to the private banks, private corporations. So we have farmed out to the Federal Reserve Banking System that is owned exclusively, wholly, 100 percent by the private banks --we have farmed out to them the privilege of issuing the Government's money. If we were to take this privilege back from them, we could save the amount of money that I have indicated in enormous interest charges.
--Wright Patman, Democratic representative from Texas

The above quote was from a 1941 speech by U.S. congressman Wright Patman, a fierce critic of the Federal Reserve. A Primer on Money, released in 1964 by the Congressional Subcommittee on domestic finance, explains in Patman's introduction in simple, everyday language how the US monetary system works and indicates where it needs reform. It describes specifically:

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