1. But the Fed is crucially important. It can destroy your savings, affect whether you have a job or a future. 2. The Fed is important because it keeps America's monetary system stable and growing with low inflation, which fosters further growth, which helps keep the economy going in the right direction. 3. The current Fed was created to reassure people when a bank failed. 4. We had had two central banks in our country.... And we had gotten rid of them because there was this sense that they would favor the wealthy and the politically connected. 5. At first, the Fed's low rates unintentionally helped fuel stock market and debt bubbles. An alarmed Fed them clamped down, raising rates aggressively in 1928 and setting the stage for a recession and stock market crash. 6. So they decide the Depression happened because the Fed didn't create enough money. Forty years later, Congress proclaimed the Fed should also fight unemployment. That caused the next crisis, this new mandate, because they printed lots of money, and the extra money caused inflation. 7. For the first time in history, the dollar was just a piece of paper. 8. Over the next decade, the cost of living more than doubled; the dollar lost more than half its value. 9. One myth that's out there is that what we're doing is printing money. We're not printing money.... It's not tax money. It's much more akin to printing money than it is to borrowing. 10. And the question is, knowing that, why, in the wake of the crisis, why are we choosing to give the Fed more power and influence