[emkemp]

"The FED does not loan money."

This is quite wrong.

https://www.federalreserve.gov/monetarypolicy/discountrate.h... https://www.federalreserve.gov/monetarypolicy/standing-overn... https://www.federalreserve.gov/monetarypolicy/bank-term-fund...

In addition, the Fed also borrows money.

https://www.federalreserve.gov/monetarypolicy/overnight-reve...