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Actually the federal reserve is a partially private institution whose head is selected by the president. The common folk never make that decision.

We (somewhat indirectly via the electoral college) select the president. It’s a representative democracy, with one extra layer of indirection.

We still get the pitch forks.

I believe the pitch forks are to not hold any bitcoin, and not accept Bitcoin.

Whereas, you do not have much of an option except to accept your national currency.