A common misconception is that the Federal Reserve is part of the U.S. government. In reality, it is an independent entity that operates within the government. The Fed is owned by its member banks and its board members are not funded by Congress. This unique structure allows it to make monetary policy decisions without direct political influence. It is best described as a “quasi-private” institution.
The Titanic didn’t sink because it just so happened to hit an iceberg. It sank because the three men standing in the way of the creation of the Federal Reserve were on it.