I guess the Federal Reserves own website is full of lies then.
Hi. Don't do this. I'm going to ignore the rest of your post. I understand *exactly* how the Fed works. You do not. It's ok. You don't have to be a pretend expert on everything because you look up basic information via google. *golf clap*
I understand how the shareholder system works, how accountability works within that system, how monetary policy is derived, how the open market committee meetings work. All of it. It's confusing. It's somewhat intentionally obfuscated, which I understand is scary. But, while a nefarious broken conspiracy of the powerful elite would also be intentionally obfuscated, that's not what the Fed is. Really. It's just a weird central bank in the same way that the electoral college is a weird way to elect a president. Not calculated trickery or opaque abuse of power, just weird. "Reforming" the fed to make it more like, say, the ECB would accomplish virtually nothing, and very likely be quite harmful to the economy.
With the Fed Paul is just preying on the human weakness for xenophobia. You don't understand how it works, it's hard to come to an understanding of it, so isn't much more comforting to just assume there must be something wrong there? It's the Kennedy Assassination Conspiracy people, the 911 Truth people, it's all the same. Fear of something they can't understand. Don't be afraid of the Fed. There are enough legitimate things to be terrified of in human existence, like driving in a motor vehicle, without inventing extra ones.