I sincerely doubt that the vast majority of the electorate has any clue as to the function or significance of the Fed, except perhaps that it has something to do with interest rates. If something as obviously flawed and publicized as the Iraq campaign can be carried out for five years before the public realizes its fallacy, what chance is there that there will be general public knowledge of Fed complicity and responsibility for the present financial debacle, especially considering the lack of in-depth media coverage? If a severe crunch occurs, the public's wrath will light on the most visible and convenient target, which the media will guarantee is not the Fed.

On the other hand, governments and money managers around the world pay close attention to the Fed and know far more about what is going on there than do Main Street Americans. It is those pesky foreigners we need to be concerned about.