I disagree.
By themselves, the FED does not have that power. That power, to really effect the economy, came from US Government debt. Think about it, our debt is Fed Power.
Our Politicians gave the Fed that power by overspending.
Fed controls the rates I think this is what he’s alluding to.
The “System” is going down one way or another..
Raising interest rates to fight inflation is evil. There are other better ways to do that.