Its hard to think of the Fed as inflation fighters since almost all of the long term inflation in the country occurred after the fed was born. Thanks to their policies the dollars has lost 95% of its value.
The Treasury Department sets dollar valuation policy, not the Federal Reserve.
That's a classic line. I really like that one. Gotta remember it.
The fed sets banking policy. The fed in conjunction with all banks create money out of nothing by making loans with money they don't have. If the banks get $1000 in deposits they can make about $10,000 in loans. Then they collect interest on the money that they created. In the process the extra money in the economy creates inflation.
