Sanders Releases Explosive Bailout List

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114. Greed, corruption, and hubris

at the Fed may be a huge problem for all of us who depend on the cash economy. As I said above, I think there is reason for major reform, even wholesale changes as you suggest.

While it may be splitting hairs, I don't believe it's correct to say that the "taxpayers backstop the Fed". The Fed controls the money supply. If they want or need more, they need only order more of it from the mint. They don't really need a backstop.

Unwise Fed policy may devalue money, even disastrously so. They may "loan" it out to their friends at the big banks who may then pocket much of it and then lose the rest in risky gambles (see 2007-2009 financial crisis) and THEN those big banks may be bailed out with taxpayer money, but the taxpayer isn't bailing out the Fed.