'Do not underestimate the power of the Fed'

Flickr photo by dianaoctavius.

There will be many turning points in this first global recession of the modern era, but this week marks one of the good ones. The players: the Fed, the Obama administration, and maybe, just maybe ... the bankers.

The Fed is a central bank. All nations have one, each with one unique capability: the authority to print money. In normal times, central banks print money cautiously but routinely through the banking system -- draining in good times, increasing in recessions.

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