That's right - the Federal Reserve Bank is NOT part of the US government. It is a private bank that loans money to run the country, and other private banks, and charges interest on it. The European Central Bank is the same set up, as is whatever the bank is in the UK.
Prime interest rates are set by the Fed (and its sister banks overseas), as you often hear in the news going up or down -- mostly down, lately, to the point there isn't much room left to give.
International Level: Ambassador / Political Participation: 595 59.5%
We're already in a depression, SquallLeon. There are several threads here discussing it, and many sites dedicated to financial trends all over the web. That hasn't much to do with the Fed, although their practices are rather shady. IMO
International Level: Ambassador / Political Participation: 595 59.5%
U.N. Panel Ways World Should Ditch Dollar
By Jeremy Gaunt, European Investment Correspondent
A U.N. Panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar. Ref. Source 8
U.S. Vows To Sustain Dollar's Dominance
By Tomoeh Murakami Tse
Treasury Secretary Timothy F. Geithner said Wednesday that the United States would do whatever it takes to make sure the dollar would remain the world's dominant reserve currency, clarifying comments he had made earlier in the day that had caused the greenback to fall against major currencies. Ref. Source 2
I am not sure that the recent making of lots of US currency is going to keep the dollar as a major contender in the worlds money. I have the feeling that if we keep printing money the dollar is going to fall a lot more.