The Federal Reserve gives power to the banks and they run wild with it knowing they will be bailed out by tax dollars. Janet Yellen states that rates might be raising soon so my bank raised my pending mortgage loan by. 5% Then Yellen didn't raise the rate. I wonder how much money her friends made off that one, It was certainly billions. Trump fired her but it was too late for me.
If we didn't have a Federal Reserve, We would have trust companies promoting Full Reserve Banking to protect peoples' assets. There's no reason for federal deposit insurance. Banks have no reason to be responsible if you're going to bail them out every time they get reckless.
Let's go do it.
In 1963 Kennedy created the executive order 11111 to abolish the FED and give the control of the economy to the treasury. As we all know he didn’t return from Dallas and could never complete the bill. Kennedy strongly believed that he could return capitalism to its former glory by giving power back to the people. Not destroying banks, But destroying the FED. Back before 1913 our economy was only getting better and our country more powerful. But our nations power was taken. Banks loan out more money than they have and thus put our government into so much debt we the people had to pay for it. Taxes, The IRS, Foreign Debts, Personal Debts, And Corrupt Loan Officers are all creations of the FED, And we should stop paying it for stuff we didn’t do, That it forced on us.
It violates article one section eight sentence five of the constitution,
"Congress shall have the power ; to coin money , regulate the value thereof , and of foreign coin , fix the standard weights and measures"
It violates the constitution should be abolished, etc, is this even a debate?
While I'm not against the idea of a central bank, I don't think that it should be privately-own like the FED. The state (and therefore the people) should decide how much money is printed. Also we shouldn't have to borrow that money at high interest rates. Why on earth should the government pay a privately own-bank?
In modern times where electronic currency is gradually gaining more and more popularity, and security, as well as online shopping with money that is nought but blips on a screen, the need for physical money that is expensive to produce and manage is decreasing more and more as days go by.
The federal reserve should be abolished because it's not fair to the citizens of the United States of the Americas. The federal reserve should not have been able to stay open this long. People have been hacking into it and it compromises the safety of the millions of Americans in the USA.
The Federal Reserve should not be abolished. In what parallel world can a country survive without a central bank? Do you want to go back to each state having its own bank and currency? What kind of "United States" would that be. I have always found this Ron Pal idea ridiculous.
No, the Federal Reserve should not be abolished, because we would be subject to wide swings in our currency and inflation if we did not have the Federal Reserve. Everyone loves to hate the federal reserve and all of the power that they seem to have, but they are a necessary regulation on American financial policy.
The Federal Reserve was very instrumental in guiding the economy out of the Great Recession. This organization has also been quite effective in managing continuation of good economic times, particularly in the 1990s. While they can not prevent all recessions, their existence does promote economic stability and growth in the bigger picture.