The Lender of Last Resort
So the Fed is printing dollars by the trillion now. A trillion dollars is a lot of money. How much? It's a thousand billion -- a thousand dollars apiece for a billion people. We don't even have that many people in the USA. Our population is less than a third of that. A trillion dollars is three grand apiece for us, with something left over. It is a lot of money. Twelve thousand dollars for a family of four. For every family of four.
And what is the Federal Reserve doing with all that money? Typically, they do one of two things: Either they lend it to the banks, or they lend it to the government.
So we have a "credit crisis" brought on by excessive debt, and the Fed's solution is to print more money and use it to create even more debt! Is that reasonable? There seems no way to make sense of it. One could say the Fed is too intently focused on its role as "the lender of last resort."