It’s neither Federal, nor a Reserve.

Matthew Collins is trying to explain that the Federal Reserve is not a government agency, but rather a banking agency. In his usual humorous manner, he hits the nail on the head.

In reality, [the Federal Reserve] is neither Federal nor an actual Reserve per sé. Instead, it’s a cartel of America’s most powerful banks – along the same lines as OPEC, for example. Sure, the Chairman of the Board of Governors (currently Ben Bernanke) is obligated to speak before Congress at least twice a year, but we’ve all seen how well that works…