Born in 1913, The Fed has only usurped more and more power over the years. Now it not only runs the economy, but also the government, because it finances all deficit spending.
True, Congress can tax and spend, but what the chair doesn’t seem to admit is that taxation only provides so much money, compared to spending which appears to be nearly limitless. Of course, what makes up the shortfall when spending exceeds taxation revenue, if not from debt financed by the Fed? Considering the Fed owns $4.5 trillion of US Treasurys, of a nation with a $27 trillion debt, we should come to terms with understanding that the Fed is financing a significant portion of the US government’s spending activities.
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