According to Greider, the money dealers designed such intricate and esoteric details about their financial operations that it assumed the proportions of a cult. "To modern minds, it seemed bizarre to think of the Federal Reserve as a religious institution," he wrote. "Yet the theorists, in their own demented way, were on to something real and significant.... The Federal Reserve did also function in the realm of religion. Its mysterious powers of money creation, inherited from priestly forebears, shielded a complex bundle of social and psychological meanings. With its own form of incantation, the Federal Reserve presided over awesome social ritual, transactions so powerful and frightening they seemed to lie beyond common understanding.... After all, money was a function of faith. It required an implicit and universal social consent that was indeed mysterious. To create money and use it, each one must believe and everyone must believe. Only then did the pieces of paper take on value."
Greider also noted, "The details of the Federal Reserve's action were presumed to be too esoteric for ordinary man to understand."
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