Regardless if the currency is in yen,euro, or pesos, with the dollar as the reserve currency of the world, the Fed wields tremendous power of those currencies.
The Fed Chairman doesn't have to ask President Obama or the US Congress for permission to do what he wants. When Bernanke wants to print trillions of dollars,he doesn't have to ask permission. He has the ability to print trillions of dollars out of thin air. That's power.
The banks that caused the crisis were being bailed out at the same time millions of people were losing their jobs, businesses, and homes.
How would you like to have the ability to control the Fed, the US Treasury, and the mega-banks such as Goldman Sachs? That's power.
The TIME Magazine article was very kind to the Fed Chairman ... almost kissing his butt. They painted him as a simple genius, born for this time in history in order to save the world economy. Doesn't TIME know the Fed, with its power to print money and create massive debt, is the very organization that through its fiscal policies caused the crisis in the first place?
The Fed refuses to be audited. Can you imagine telling the US Congress to mind their own business if they asked to audit you? If we told a lowly IRS tax agent, "Bug off.How much money I have or don't have, and who I'm giving the money to, is none of your business," we'd be thrown in the slammer.
