People fear what they don’t understand. The question really is, if not the Fed then who?
The Fed has allowed the hack pols to get themselves elected using our money by giving away free stuff. Inflation numbers are lies. Normally the basket of goods and services used to figure inflation does not include oil and food which in the past were deemed too volatile, so no cola increase this year. Now they are being used so the Feds don’t have to allow us to see the real numbers, the same goes for unemployment.
As I understand it the Fed is a private bank and we are not allowed to know who owns it or who they really front for. In the real world what the Feds do would fall under the RICO Act, just another Mafia organization.
Bank clearing houses on the open market. We now have the information to let consumers manage the banking system.