OK, Gold’s Not Money. How About This One Ben: Is the Fed a Bank?
by Arthur M.M. Krolman
As you prepare for your special double-feature meeting in a few days, I thought you might want a helping hand in reducing uneasy feelings of puzzlement that you and others are experiencing these days. Last week, when you said you were puzzled by weak consumer spending, I’ll bet you felt the same way I did. Neither of us could care less about what or how much other individuals decide to spend their hard-earned money on, but the being puzzled part is really yucky. What an anxiety-fueling feeling of uneasiness!
I’ll bet a lot of people in the world are puzzled too about what a central bank like the Fed really is and why it’s called a “bank”. And I’m sure neither of us want someone else being puzzled any more than we like it. OK, I guess you did want people to be puzzled about where all those secret Fed loans went, but I’ve got to believe that deep down, you’re a decent man and you’d never make folks puzzled on purpose again. So let’s work together here.