The Federal Reserve

The Federal Reserve is in the business of central planning instead of central banking.

The Fed's assets have grown much faster than its capital.

The Federal Reserve is itself a highly leveraged financial institution.

The flagship branch of the 12-bank system, the Federal Reserve Bank of New York, shows assets of $1.3 trillion and capital of just $12.2 billion.

Its leverage ratio, a mere 0.9%, is less than one-third of that prescribed for banks in the private sector.