This is the model for all fiat currencies, including crypto-currency. The value is in the belief of its users, not a tangible item (like commodity or representative currencies). The Fed created huge opportunities for a burgeoning America and contributed to the very economic powerhouse it is today. Look at any economic leading country in the world. They will have something similar, for the exact same reasons we have it.

There are problems and risks, as well as huge opportunities for improvement over time, but it would be unfair not to also recognize the benefits and contributions it has made to the historical growth and strength of the U.S.