FED 101: I've done hundreds of TV shows, but always avoided one topic: the Fed. It's so complicated! Luckily, there's a new documentary out about the Fed called, "Money For Nothing." Filmmaker Jim Bruce explains what he learned by making his movie.
TOO BIG TO FAIL: When the housing bubble burst, many Americans believe the Fed saved us from another depression. But George Selgin, an economist at the University of Georgia, says it didn't, and the result: "too big to fail," is a bigger problem.
INFLATION: James Rickards, author of "Currency Wars: The Making of the Next Global Crisis," studies the history of nations that cheapen money. This happened to Germany post World War I, where inflation got so bad individual shoppers needed wheelbarrows to carry cash to buy groceries. Will this happen to America?
DEFENDING THE FED: Austan Goolsbee, former Chairman of President Obama's Council of Economic Advisers, says the Fed saved us from a great depression. I will argue with him.
MY TAKE: Today, we give a small group of old people the power to spend trillions of our dollars -- often in secret. The last two Fed chairs, appointed by both Republican and Democratic presidents, have increased central planning of our economy more than ever before. This is not a good thing. I want to believe the Fed governors know what they're doing, but no 12 people know enough. When central planners try to manage an economy, they make things worse.