The Federal Reserve should be abolished.

My OPP stated: "Con makes an educated argument. But, it did not prove why the FED needed to be kept. It mostly just explained problems with the FED, and problems that the FED has. Con also did not address how the Federal Reserve is a cartel, so I guess my opponent agrees that it is." These arguments are so laughably ignorant why even address them(which I did) ? The fact the word "cartel" is used just shows the absurdity of theses claims not to mention the fact it is illegal. Definition of a Cartel: A cartel occurs when two or more firms enter into agreements to restrict the supply or fix the price of a good in a particular industry. For the sake of argument, we have the FED as one firm but where is the second ? There is not another hence no cartel.When did the FED become a conspiracy ? We have big problems with FED conspiracy myth makers. First their research is remarkably poor. As I investigated their claims, I found their arguments at many times inconsistent and self contradictory, containing numerous factual errors, embellishments, and outright fabrications. The sources for some of their most serious charges were undocumented, unverifiable, and just pure lies. When I began checking their research I was startled at how easy it was to refute many of their basic premises with information readily available on the internet. If their arguments can be countered so easily and with information available to anyone, then why did the conspiracy authors themselves not uncover the same things when they did their research? I can only speculate on that answer, but at the very least it is poor research a clear case of selection bias report the information that supports the thesis, ignore the data that does not. The second problem we have with the Fed conspiracy myths is that others promote them without checking on the validity of the claims. If a reader chooses to believe the conspiracy theories, then that is his business. It seems to me if he decides to pass along these myths, then he has a responsibility to do some minimal investigation to verify the claims. Probably few if any have actually done this because if they had, then like myself, they would have found that a mere cursory examination of the evidence would cast considerable doubt on the conspiracy claims. The third problem we have with them is that they divert valuable resources from solving real problems. The conspiracy theorists have obviously motivated many people to political action who might otherwise be politically inert. This is good. Unfortunately, the efforts of these new activists are being directed at a problem which does not appear to exist. They make some very serious allegations. If they were true, then I would feel compelled to oppose the FED. If they were false and they are then I feel equally compelled to debunk them. The latter has happened and is the reason I accepted this debate. I do not know whether the FED is involved in a conspiracy maybe it is. I cannot disprove a negative statement. All I can do is examine the validity and accuracy of a given FED conspiracy hypothesis. Most of them have turned out to be completely false. Others are highly unlikely. None have proven to be accurate. I found this page that has every argument my OPP has put forth http://www.bigeye.com... if you notice there are no sources given which leads me to assume there are none. This is basically the same page http://www.bibliotecapleyades.net... again no source here is anotherhttp://www.infiltratednation.com... The FED is "incapable of accomplishing its stated objectives as to maintain the stability":The FEDs roles in conducting monetary policy, supervising banks, and providing payment services to depository institutions help it maintain the stability of the financial system. Using the monetary policy tools at its disposal, the FED can promote an environment of price stability and reasonably damped fluctuations in overall economic activity that helps foster the health and stability of financial institutions and markets. The FED also helps foster financial stability through the supervision and regulation of several types of banking organizations to ensure their safety and soundness. In addition the FED operates certain key payment mechanisms and oversees the operation of the payment system more generally, with the goal of strengthening and stabilizing the system.The Federal Reserve engages in all these activities on a routine basis, but the stabilization activities of a central bank are especially evident and critical during periods of financial stress, such as those that occurred following the stock market decline in 1987 the international debt crisis of 1998 and the terrorist attacks in September 2001. In these instances, the FED promoted financial system stability by providing ample liquidity which balances at the FED Reserve through large open market purchases of securities using short term repurchase agreements and by extending discount window loans to depository institutions.The FED is a "cartel":The allegation that an international banking cartel controls the FED is wrong. Foreigners do not own any stock in the FED. Neither do they currently own any significant shares of the domestic banks that actually do own shares in the Fed. The central assumption that control of FED is the same as control of the whole System is badly mistaken. Also the profits of the FED, again contrary to the conspiracy theorists, are funneled almost entirely back to the federal government, not to an international banking elite. It generates our most unfair tax is false:My OPP stated "Because the Federal Reserve is able to create money from nothing, this puts more money into the economy. Because we are not on a gold standard, that money causes inflation. Inflation is a hidden tax." It is certainly true that the FED does create money but from nothing ha not hardly . The only time the FED creates money is when a qualified borrower applies for a loan, then the FED creates the principal to fund the loan. The principal is created based on the borrowers proven ability to repay the loan this "proven ability" the borrowers credit rating. The FED is totally incapable of creating money, that is, to enable money to enter circulation without a qualified borrower making an application for an advance on his future production.It destabilizes the economy which is false:My OPP stated: "the value of the dollar declines from the Federal Reserve creating money. It delutes the dollar and makes prices appear to go up. This destabilizes the economy."As shown above the FED does not create money "out of thin air"The FED works maybe it is not perfect but it works