Yeah its like the Bank of Canada or any of the other central banks that almost every single currency in the world has. Teabaggers seem to think inflation is evil and that all money should be backed by gold because otherwise their money could be worth money at some point. Of course this ignores the fact that even if the US treasury could acquire all of the gold in the world they still wouldn't have enough to equal the value of all the US dollars in the world. Which means that to go back to the gold standard the US would have to devalue the dollar or start mining asteroids for gold to get enough to back all their dollars. They also ignore the fact that if you owe money then inflation is good for you. And they also ignore that unless you keep your entire savings under your mattress, you probably have your money invested in something else, you're not affected by inflation.
I guess its an american thing where there are a lot of people fantasize about living alone in a remote area with a bunch of cash (which is backed by gold) in a safe and a bunch of guns around to defend it from bandits. Of course the reality is that most people have a mortgage and a car loan and the current system benefits the majority of the people in the US. But since it doesn't work well for their fantasy frontiersman, they feel the need to go on the internet (while sitting in their mortgaged house) and proclaim how the federal reserve is ruining their lives. In fact its likely making their lives better, but its ruining their fantasy life so fuck that.
Sort of like how in one state the government put it to a referendum that they should lower taxes for the poor and raise taxes for the rich. The poor voted against it (meaning they were voting against lowering taxes for themselves) because in their fantasy they are rich and don't want the rich to have to pay more taxes.
I don't get it. The American Dream is one thing but when it becomes the American Fantasy World it becomes very bizarre.