The Fed as the Architect of Modern Crisis Capitalism

This article sheds new light on the role of the Federal Reserve, viewing it not as a technical overseer of interest rates, but as a key architect of modern crisis capitalism. The text analyzes the Fed's evolution into a 'fourth estate,' capable of distributed management of global risk flows. The authors detail the innovative intervention instruments of 2007–2009, including TAF programs, swap lines, and credit easing. The analysis also addresses the issue of moral hazard and the confrontation between American pragmatism and European economic models. This is an essential study for understanding the stabilization mechanisms of the contemporary financial system and the role of dollar liquidity in times of global market panic.