"Right now, the Federal Reserve is a corporate institution owned and controlled by private banks chartered to create money through a process of fractional reserve lending to themselves. Money is created when these private banks lend up to 10 times their debt deposits from the Federal Reserve to public and private institutions plus interest. This money (aka debt) is, therefore, created out of thin air."
"There have been a few sporadic moves to nationalize the Federal Reserve over the last 100 years. Former Georgia Congresswoman Cynthia McKinney campaigned for president on such a platform in 2008. But the last major push to nationalize the Fed was spearheaded by a U.S. Congressman fromTexas’s 1st congressional district, the late Wright Patman.
"[Patman] was chairman of the United States House Committee on Banking and Currency, and he investigated the Federal Reserve and discovered that they were printing our money and charging us interest — lending it to the government. He tried to get the Fed nationalized. He wanted to make it a government entity, which everybody thinks it is. He did not prevail in that, but he succeeded in getting them to rebate the interest," said Brown."
""We’re scrambling to save the crooks. Let the crooks go bankrupt. They made a lot of money off free trade. Let them go down. Capitalism made them money. Let Capitalism take them down. Why should we the taxpayers save them? It’s because we don’t think we have any alternative, but we do. The alternative is to set up a public banking system," she said.
Glimpses of Brown’s idea were seen on Democracy Now! when Nobel Prize-winning economist Joseph Stiglitz appeared. Stiglitz said that Congress could have taken that $700 billion bailout money and used it as the basis for loans; then they could have fanned it out 10 times to create $7 trillion in loans."