[fells]

The fed doesn't have access to taxpayer money.

[hayst4ck]

Does that mean that instead of giving taxpayer money, they instead devalue all taxpayer money by inventing new money?

[mullingitover]

Honestly, it's a good thing. Given how dysfunctional the legislative branch is with fiscal policy I can't imagine a worse idea than putting it in charge of monetary policy as well.

[stephen_g]

The whole “devalues other money” thing is the ‘quantity theory of money’ which has never really been observable as true in normal economies - only at the very extremes (but other factors play in - all in all velocity of money is more important).

[zx8080]

True. There's option to export a newly created inflation to other countries, at least partially. Thus, steal from other countries' citizens and taxpayers.

[xiphias2]

It was designed to do that.

The creature from Jekyll Island by G. Edward Griffin is a book that describes the creation of the FED, how it was done in secret.

[horns4lyfe]

They absolutely do. They print money, and the resulting inflation is an indirect tax; the glory of MMT.