I have lost count of the number of times I have read of some evil or other laid at the feet of the Federal Reserve. I'll admit, I'm confused. What doe sthe Fed do, apart from handling exchanges/reconciliations between banks? How in the hell could modern banking function without a Central Clearinghouse? We can't exactly move gold by hand between banks anymore, yanno. I know the Fed sets the Treasury rate, but I have never understood why. What gives that authority to this quasi-public agency? If you have extreme patience and can answer my questions, thankies.