[2banana]

You can do amazing things with fiat money and printing presses.

Destroy economies...

Start wars...

Change governments...

Bankrupt the middle class...

[DannyTN]

"though she is mandated to promote price stability, rates may not rise, but they might."

Federal Reserve Act Section 2A. Monetary policy objectives The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.

[DannyTN]

"though she is mandated to promote price stability, rates may not rise, but they might."

Federal Reserve Act Section 2A. Monetary policy objectives The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.

[Toddsterpatriot]

So we have the Federal Reserve, which neither is federal nor has reserves,

No reserves.

Except $2.3 trillion in Treasuries, $1.7 trillion in MBS and $11 billion ($308 billion, really) of gold.

Only off by about $4.3 trillion.

http://www.federalreserve.gov/releases/h41/Current/