The United States Should Abolish The Federal Reserve

I'll start my opening arguments in order to play by the rules, and leave my rebuttals to the next round. The Federal Reserve Helps Stabilize the American EconomyThe primary purpose of the Federal Reserve has to do with stabilizing the American economy and ensure that it stays within a path that will ensure security against an economic collapse [1]. In more detail, the job of the Federal Reserve helps manage the monetary policy of the United States, manage international fiscal transactions and policies within the United States and abroad, etc. Virtually everything that is necessary in order to establish a functioning economy and preserve it that way. Without the federal reserve, the United States becomes one giant leap closer to the economic and dysfunctional system of laissez-faire, a system designed to fail upon itself [2]. In laissez-faire, without influence by a central system, the economy is set loose upon itself. It basically means that any enterprise has the potential to take any economic action necessary to monopolize an industry to secure power. In a translation, this monopoly defeats the purpose of laissez-faire which is to stimulate economic competition upon each other when in the end, there would be no competition as mass coercion by corporations and conglomerates would create enough power to destroy the minor competitions (Refer to Source 2). In this chain reaction, it would allow the coercion of monopolies to destroy the balance of supply and demand because they would control the supply and demand (Cost), considering there would be no other competition [3]. My point is that a Federal Reserve is one of the greatest obstacles to prevention of an absolute free market/laissez faire, which is doomed to fail upon itself. Many people believe that simply because the Federal Reserve is not owned by the American government, it is not operated by the American government, which is a common myth. The Federal Reserve is operated by elected government officials with knowledge of government economics for the purpose and functions which I listed above [4]. I do not agree with the terms of ownership, but it is still a machine of government operations. Consequences of Abolishment As I just stated, the Federal Reserve operates and works to stabilize many aspects of the American economy. I gave the example of the fundamentals of monopolies, but I'll go further to prove the effectiveness of the Federal Reserve. I'll give a situation, which if not for the Fed. Reserve, the US would find itself victim of a continuous recession. The Federal Reserve has the ability and responsibility of executing economic stimulus and the potential to raise as such when the times call for it. The recession that the US hit in 2008 was helped countered by the actions of the Federal Reserve [5]. These actions were due by the ability of the Fed. Reserve to initiate Quantitative Easing, the actual term for economic stimuli under the situation of an economic downturn [6]. If the Federal Reserve was not around to combat such a situation which the US is still susceptible to, a free market without the Federal Reserve to establish economic discipline and regulations would allow the market to create simultaneous withdrawals in order to save as much money as possible for the individual rather than the corporation. Such a withdrawal would decimate the economy so powerfully, it would hurdle the recession into a depression. A simultaneous market withdrawal was one of the main causes for the American Great Depression [7], a first for the brand-new American economics, which they simply could not foresee. Today, with the knowledge we have of economic forecasts, the absence of the Federal Reserve and her ability to maintain the power of the American economy is too embedded within the American system to simply abolish, and better equipped to prevent another depression. I personally, would like to see it under total control of the American government and further American involvement in the market. However, this is whether abolishing the Federal Reserve is a good idea, which I do not agree with. I'll leave my rebuttals to the next round in order to abide by the rules. I hope my opponent makes a great argument next round, which I don't doubt. I also hope I can convince you that you were not "an ignorant socialist" because I'm a Quasi-Socialist and you got it right as a socialist, before :PSources[1] . http://www.federalreserve.gov...[2] . http://ivn.us...[3] . https://en.wikipedia.org...[4] . http://www.factcheck.org...[5] . https://en.wikipedia.org...[6] . https://en.wikipedia.org...[7] . https://en.wikipedia.org...