No control

That's why, when the head of the Federal Reserve appears before the U.S. congress, he's practically treated as a head of state—and he is in many ways: head of state of the U.S. economy, and what could be considered chief banker of the world!
So what's all this mean and why is it significant? Well, for one thing, you see just how worthless the U.S. dollar is today. It's paper to be printed, with no value behind it other than your faith. And if Americans lose faith in it, or other nations do, and decide it's not worth much, then it will sink like a stone, as we've often talked about, and bring on the crash. Green Paper Pig gets poked with pin, and poof!
For another thing, the Fed can practically do this by itself.
It's the guardian of American prosperity, but if it wants to, it can loosen or tighten up on credit and the U.S. money supply and bring on inflation, deflation, recession, or any sort of economic disaster you can imagine, without the government being able to do anything about it. And, as the U.S. economy goes, so goes the world, for better or for worse, boom or bust—and there could easily be a bust whenever the true powers that be decide one is necessary!
Ted Rudow III,MA
PO Box 1222
Menlo Park,CA 94026
650-814-1077