has what the book calls "a magic money machine" they can hide their losses (the taxpayer's losses ultimately) for a long time. They can buy the bad paper and keep it on the books as good paper. Fraud is an interesting crime because for a while both the criminal and the victim think they have the money. For a while everyone is happy. Someday the American people will find out that the FED is the bag holder for the big banks bad bets, and that what is "backing" our currency is a lot of worthless paper.
Localism is for people who can still sleep at night even though somebody they don't know in a city they have never been is doing things differently. ("Localism, A Philosophy of Government" on Amazon for Kindle or Barnes and Noble ebook websites)