The Instigator
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The Contender
Con (against)
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The Federal Reserve is bad

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Voting Style: Open Point System: 7 Point
Started: 1/21/2014 Category: Economics
Updated: 2 years ago Status: Post Voting Period
Viewed: 830 times Debate No: 44396
Debate Rounds (1)
Comments (2)
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Here are some major points to why I believe America doesnt need the FED:

-The Federal Reserve Has Far Too Much Power to Control Our Economy
-The Federal Reserve Has Significantly Devalued Our Currency
-The Federal Reserve Hurts the Poor and Middle Class the Most
-The Federal Reserve is Run By Unelected and Unaccountable Bureaucrats
-The Federal Reserve Has Made Our Economy Less Stable
-The Federal Reserve is Far Too Secretive
-The Federal Reserve Benefits Special Interests


As it"s generally accepted that the federal reserve was necessary to stop rampant speculation in the United States, I will refute my opponent"s points, or rather the points of

Devalued our currency:
Inflation went up sharply when leading up to World War II, and decreased after the War. Wars have historically caused inflation.

Hurts the poor:
Inflation has been repeatedly called for by poor farmers throughout history (greenbacks movement, Great Depression) because it allows them to finance debts easier. Guess who didn"t want the inflation: the creditors.

The federal Reserve was agreed upon by members of congress, elected by the people. It is always accountable to repeal by the people, but for some strange reason that hasn"t happened yet.

Less Stable:
The entire premise of the federal reserve is that it makes the economy more stable. Look at the depressions of 1873 and 1893, and what happened when Jackson vetoed the Second National bank. When it was no longer federally controlled, it underwent liquidation in just 5 years:

During the us free banking era, monetary supply fluctuated wildly:
Up 102% from 1843-1848 alone.

This is what I had time for, anyway.
Debate Round No. 1
2 comments have been posted on this debate. Showing 1 through 2 records.
Posted by NovaLux 2 years ago
Only 1 round? Any way this could become a full fledged debate, 3-4 rounds?
Posted by Ragnar 2 years ago
Made our currency less stable... fascinating. And how did the systems before work out for us?
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