e$ Signorage

Alan Horowitz alanh at mailhost.infi.net
Mon Apr 8 02:41:46 PDT 1996



> Date: Sun, 07 Apr 1996 12:20:11 -0400
> From: Perry E. Metzger <perry at piermont.com>
> 
> whatever makes no difference to the amount of fake interest earned. I
> say "fake interest" because it isn't real income to the government at
> all.

    When the Fed buys government bonds, the interest income goes to the 
owners of the Federal Reserve Bank. The Federal Resreve Bank is _not_ a 
government agency - it is privately owned by the member banks..






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