Conspiracy theories about the fed have been circulating for almost 100 years. The freemasons, the illuminati, the Rockefellers, JP Morgan and dozens more have been accused of running it, and manipulating the flow of funds that control the US (and to a great extent, the world) economy.
It’s primary specific charges are to avoid panic, and manage the money supply to provide both elasticity and stability in the market. Are those functions being manipulated by those who own it? You betcha. Is it transparent? Nope. Same way Ford and BP and Alcoa attempt to manipulate their markets without complete transparency.
No excuses being made here, that’s just the way it was set up by congress, under powers of delegation specified in the constitution. Part of the financial reform now under consideration in congress are audit and review powers over the Fed. The fed is fighting those reforms, and as is typical, support has fallen mostly along partisan lines, with republicans also rejecting those powers, democrats supporting those reforms. Strangely, the white house has been less supportive than democrats in either house. Fodder for more conspiracy theories.
