<Dl> <Dd> Similarly, "Baton Rouge" is not "Louisiana ." Yes, Baton Rouge is located within Louisiana . It's a part of Louisiana . Baton Rouge is a CITY . That does not mean that "Louisiana" is a "city ." The Federal Reserve Bank of San Francisco is not "the Federal Reserve ." Yes, the Federal Reserve Bank of San Francisco is a PART of the Federal Reserve . The Federal Reserve Bank of San Francisco is a BANK . The "Federal Reserve"--that is, the SYSTEM--is not "a bank ." It's a central banking SYSTEM, and it's composed of "privately owned" banks (like Wells Fargo) and quasi-privately owned banks (like the Federal Reserve Bank of San Francisco) and government entities (like the Board of Governors). </Dd> </Dl> <Dd> Similarly, "Baton Rouge" is not "Louisiana ." Yes, Baton Rouge is located within Louisiana . It's a part of Louisiana . Baton Rouge is a CITY . That does not mean that "Louisiana" is a "city ." The Federal Reserve Bank of San Francisco is not "the Federal Reserve ." Yes, the Federal Reserve Bank of San Francisco is a PART of the Federal Reserve . The Federal Reserve Bank of San Francisco is a BANK . The "Federal Reserve"--that is, the SYSTEM--is not "a bank ." It's a central banking SYSTEM, and it's composed of "privately owned" banks (like Wells Fargo) and quasi-privately owned banks (like the Federal Reserve Bank of San Francisco) and government entities (like the Board of Governors). </Dd> <Dl> <Dd> <Dl> <Dd> The statement that the "Federal Reserve" is "privately - owned" is meaningless gibberish . Famspear (talk) 02: 31, 3 December 2009 (UTC) </Dd> </Dl> </Dd> </Dl> <Dd> <Dl> <Dd> The statement that the "Federal Reserve" is "privately - owned" is meaningless gibberish . Famspear (talk) 02: 31, 3 December 2009 (UTC) </Dd> </Dl> </Dd>

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