Whilst the Fed was established under private carter along with the IRS, it cannot work in isolation any more than it can function effectively under 100% gov. control. That the gov. is failing is a given ...but there is obviously more to this situation than is been expressed ... and why not as the US has been abusing the privilege of holding the global reserve currency for too long. Asia has prospered under these conditions whilst US citizens have been deluded into a dreamworld of prosperity