Bringing up a bit of an old thread, but whatever.
I can't really get my head around the Fed, I'm not educated in economics enough. It's a lot more complicated than I can understand at this point and I'd need to do a lot more research but my only input is that documentaries like Zeitgeist and The Money Masters have been quite popular lately, on the net, and talk about the Federal Reserve.
Zeitgeist is very conspiracy theory like so a lot of people don't put a lot of weight on what it says, but it's still interesting, and if you're the kind that was really unaware about politics, etc, it's good at hitting you hard.
The Money Masters is from 1995 I think and goes a lot more indepth with the history and background and system of banking and the Fed. I haven't watched the Money Masters yet, plan to, but I'm listening to the radio and they're talking about it.
Some educated-like guy called in said it's kind of a partial thing with the government and private interests. Haha, well I'm no help in figuring it out but I think it's safe to say that there's some kind of problem with the system the way the economy looks.
(Phew, I'm not living in the US)
If the Fed is privately-owned and if enough people believe that, what would happen anyway?