The FRB makes a profit for its private owners and confers massive benefits upon them.
Anyone who isn’t one of those owners doesn’t get to enjoy those benefits. That’s a good working definition of ‘privately owned’.
FRB is a part of the Government in the same way that a tapeworm is part of a pig. The fact that the FRB is an obligatory parasite doesn’t make it any less of a parasite.
Yes, the "shareholders" get a bit of the profit, the US Treasury gets much, much more.
and confers massive benefits upon them.
They sure aren't taking advantage of those ultra-cheap loans right now. Currently, primary loans at the Discount Window are $10 million.
Anyone who isn’t one of those owners doesn’t get to enjoy those benefits. That’s a good working definition of ‘privately owned’.
That's a definition of member, not owner.
If I was an owner, I'd vote for more than 0.25% on my reserve balances. I bet I could get all the other "owners" to agree. I also bet I'd be unsuccessful in my vote.