The Federal Reserve’s plan to combat recessions rarely works and often benefits the already-rich — here’s why

The Federal Reserve’s plan to combat recessions rarely works and often benefits the already-rich — here’s why

In 2008, when and the whole world staggered on the precipice of total economic disaster, the leapt into action to try to save the economy. The planet's most powerful people — world leaders, the media, heads of elite institutions — basically had to helplessly stand by and watch the Fed. Created in 1913, the Fed is a system made up of 12 powerful banks headed up by a single main office in Washington, DC. "The Federal Reserve is the central bank of the United States," business reporter Christopher Leonard said on the latest episode of " ." "Their job is to basically create dollars — that's the Fed's superpower. It can create new dollars out of thin air and it manages our money supply." The subtitle of Leonard's new book " " might give you a hint about how he thinks the Fed's action paid off: " ." In his book, Leonard suggests that the Fed's policies helped create the conditions for the 2008 economic collapse in the first place and that we saw in America's lackluster recovery from the 2008 was entirely the Fed's fault. The problem wasn't in the creation of new money, Leonard argues — the problem