by P. V. O’LEARY, J.D. “I sincerely believe . . . that banking
establishments are more dangerous than standing armies; and that
the principle of spending money to be paid by posterity, under
the name of funding, is but swindling futurity on a large
scale.” Thomas Jefferson1 Third President of the United States
(1801 – 1809) This article is a brief primer on the Federal
Reserve System (the “Fed”), the central bank of the United
States. It is not a comprehensive exposition of the whys, the
hows, or the players who control this system, or its manifold
influence in all areas of life. Materials covering such topics
proliferate in hundreds, if not thousands, of books, newspaper
and magazine articles, videos, blogs and websites. Only the
basic structure of the United States banking system and the
nature of money and its creation are summarily set forth, with
references for those who wish to pursue the subject further. The
nature and workings of the US Federal Reserve System are
relevant for European readers, as in m