United Liberty

I have previously argued that we as libertarians should target our appeal to centrists. Libertarians and centrists share many characteristics, mainly the common value of independence and the rejection of the Republican and Democratic ideological orthodoxies as presented. Furthermore, the center has quite clearly been the electoral kingmaker in recent history, so the political advancement of libertarians depends significantly on their success in winning centrist votes.

Since the middle of the 20th Century, when the Federal Reserve started compiling this measurement of non-borrowed bank deposit reserves there has been little short term deviation from its normal levels. Long Story short - Bank reserves, other than those achieved through loans (usually FED funds market, or discount window) have evaporated.

H/T Fincial Ninja.

For years liberals, conservatives, independents, DC, Main Street and Wall Street seemingly defied all normality and not only embraced, but nearly worshiped the same individual, Alan Greenspan. After rising in 1987 to the position of Chairman of the Federal Reserve, the most powerful financial position in the world, he presided over the most sustained period of economic growth in the history of America.

A fairly good and simple explanation of what the Federal Reserve is and the part it played in the current economic crisis and bailout.