Presently, interest rates are low. That is fortunate for the Federal Government, as the interest it pays on the national debt currently eats up 40% of the budget. Should interest rates climb to what they would be without governmental manipulation, that will rise to 70% or so, and will devastate the country. Low interest rate are hard on retirees. Formerly, one could live their final years off the interest on their savings. No more.
Controlling interest rates is a small part of the Federal Reserve’s control of the US economy. The Fed is increasing the money supply by printing money and buying stocks with it. So-called “quantitative easing,” is in my opinion, criminal. I doubt that, should the economic situation reverse, they’ll sell the stocks and burn the money. At any rate, the market is, as a result, artificially way overvalued, which is dangerous for everyone with stocks. Regarding the Fed, that the treasury authorized them to print money and lend it to the government a hundred years ago is extraconstitutional. The Constitution assigns that duty to the treasury, not to a nongovernmental organization. That the head of the Fed is appointed by the president is proverbial window dressing. It’s not a coincidence that every Federal Reserve head was previously an employee of Goldman Sachs. Neither do I believe it a coincidence that every president who took measures to do away with the Fed and print Treasury notes for money rather than Federal Reserve notes was assassinated.