If you don’t understand what the US Federal Reserve is, How it operates, or who owns it, you’re flying blind.
The Fed is the most powerful entity in the world. Far more powerful than the Department of Defense, far more powerful than the CIA, and far more powerful than all of the politicians put together.
Money controls our lives and The Fed controls the printing press. It can create as much or as little money, without any oversight, any time it wants to. It can flood the world with currency, or create a massive drought by draining it away.
Any and every move it makes affects the entire economy, global markets, and the lives and futures of every single American and quite a few foreigners.
Naturally, these facts are almost never discussed publicly.
But isn’t it in all of our interests to understand and question why The Fed decided to throw an entire generation under the housing bus by rescuing house prices (i.e. making them go higher by lower interest rates)? That act bailed out existing homeowners but trashed the economic and household formation dreams of the next generation in line.
Who gave them that power?
And who granted The Fed the right to enrich the ultra-wealthy by shoveling endless piles of money at the financial markets for so many years?
These and many other revelations are discussed in this foundational, essential chapter 3 of The Crash Course.
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