Before delving into the FedNow program, it’s important to understand what the Federal Reserve (the Fed) is and how it has controlled America’s currency for well over 100 years. In very oversimplified terms, the Fed is a small group of PRIVATE central bankers that creates our currency out of thin air by purchasing US Government Treasury Bonds with a check written on an account with a zero balance. If we do that, the check is returned, and our bank assesses an overdraft fee. But when the Fed does it, the Fed is creating currency. This newly created currency then becomes ...