Is the Fed Taking a Credit Risk?

The idea that you should be punished for taking a credit risk seems somehow unnatural to me as a depositor. I'm not buying any return free risk. The deepest most liquid market in the world basically is that these guys promise to pay you wat three and a half in a currency where the purchasing power is deteriorating by about nine % compounded. Buti can see a potential problem down the line if the authorities are foolish enough to allow it to happen. At any rate, i'm on strike.