The Federal Reserve is neither, being a private bank with obfuscated ownership, and holding nothing in reserve. Fiat currency is an illusion based on the perception of the holder that they may exchange it for goods and services. As a store of value it has exponentially decreased in worth and with the current rate of money-printer-go-brrrrrrrrrrrrrr quantitative easing to infinity, the value proposition can only continue to slide in one direction.
Thomas Jefferson and Andrew Jackson understood "The Monster." But to most Americans today, Federal Reserve is just a name on the dollar bill. They have no idea of what the central bank does to the economy, or to their own economic lives; of how and why it was founded and operates; or of the sound money and banking that could end the statism, inflation, and business cycles that the Fed generates. Dedicated to Murray N. Rothbard, steeped in American history and Austrian economics, and featuring Ron Paul, Joseph Salerno, Hans Hoppe, and Lew Rockwell, this extraordinary new film is the clearest, most compelling explanation ever offered of the Fed, and why curbing it must be our first priority. Alan Greenspan is not, we're told, happy about this 42-minute blockbuster. Watch it, and you'll understand why. This is economics and history as they are meant to be: fascinating, informative, and motivating. This movie could change America.