Very few people in this world know that US Fed is a private entity controlled and owned by a cartel of central banks, many of them headquartered in Europe.
More surprising is the role of US Fed in the economy of United States. Just for records, since the origin of Fed, USD has depreciated by around 95% (since 1913), primarily due to the monetary expansionary and inflationary policies persued by Fed.
Now I must tell you what Fed does. It must be the greatest scams around in the history of mankind. When US government needs money, it can issue its own US notes backed by the faith and promise of US government. But wait, this is not how the things work- US government issues treasury bonds to US Fed, Fed buys the bonds by 'CREATING MONEY OUT OF THIN AIR'. Fed has the electronic printing presses in this modern age and prints money out of thin air. Then gives the money to US government and to add to the shame, US government pays out interest on the very bonds US government issues - where were the forefathers of US when this bill was passed.
One of the acts that runied the United States, and the climax is yet to come in 2009 and 2010.