The Impotence of the Fed

The Fed has attracted a lot of interest from conspiracy theorists for the very good reason that it is perhaps more control over economic events than any other group of people. We don't want to exaggerate their control, but in certain ways, their impotence is also really striking. And if they don't have the power to relieve supply constraints, they do unquestionably have thePower to create a recession if and when they want. "A god-like power, I think, is the only way to describe it"