Yes. We especially listen to the Saturday episodes with monetary expert, Andrew Gause. You should listen to a few of the episodes with Andrew Gause. I think you guys would love him!

On Youtube there are some videos with Andrew. He seems to be a sane individual.
http://www.youtube.com/watch?v=AIMB2nXWiIQ.. but there was a comment regarding a guy who said that it was the treasury who in the end controlled the process. In any case, his middleman argument makes sense.
It just depends a bit on what you think of as control. The government could freeze all assets of the federal reserve with their army (the only kind of real control), but even that control might disappear when the first corporation develops their first nuclear bomb (or similarly destructive device).