10/04/2004
Who Owns the Fed? by Bill Woolsey
As of July 2004, the Fed held government bonds worth $693 billion.40 Contrary to the claims by some conspiracy theorists that the entire national debt is associated with the issue of currency, the Fed's holdings are about 9% of the $7.5 trillion gross national debt. After subtracting securities held by various federal government trust funds, the Fed's holdings are about 15% of the remaining $4.5 trillion net national debt.
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