The Federal Reserve has been in the news lately. Berneke, its head, has said that it is going to act to increase employment. Few people know exactly what the Federal Reserve is and what it does. I found the answer to these questions in a book called Schrodinger's Cat Trilogy by Robert Anton Wilson. This is a direct quote from the book.
"The Federal Reserve made it possible for other banks to loan what they didn't have. The Fed "guaranteed" the credit of other banks.
The Fed was able to make this guarantee because it had a lot of credit itself, in the form of government bonds.
The government bonds were good because they were guaranteed by loans from the Fed.
The loans from the Fed were guaranteed because the government gave them bonds.
And this was safe because the bonds (remember) were guaranteed by the Fed."
As you can see by the above, it is all smoke and mirrors. The people at the Fed are magicians who make scads of money out of nothing. And that explains a lot about how are economy works.
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