As clear as I can make it: "Taxation Without Representation." The Fed creates money when they make loans. Taxpayers are liable (in the event of default) to co

As clear as I can make it: "Taxation Without Representation." The Fed creates money when they make loans. Taxpayers are liable (in the event of default) to cover the gap between collateral value and principal. As guarantors of this debt, taxpayers should know what the collateral is.