The Fed is essentially a giant counterfeiting machine. That would be criminal for you, but is legal for JPMorgan's men under the Federal Reserve Act written by the big bankers.
The Fed's goal is inflating the money supply in order to have unlimited access to money for any project, e.g. warfare and welfare. Otherwise, the government would have to tax citizens openly rather than by stealth. Inflation destroys dollar purchasing power and redistributes wealth to the friends of the bankers from the poorest citizens. This money hydrant turns on the boom-bust cycle. Bailouts of failing industries reward bad managers and destroys wealth.
It is a good thing that the Federal Reserve is finally being exposed to economic laws. People are open to hearing about what is wrong with central banks and this shaky system.
Presented to homeschool parents and students at the Mises Institute, 24 September 2008.