The Federal Reserve System

The Federal Reserve is obsolete: There is no point to the Federal Reserve, it failed at all of its supposed intentions, which are, according to the Federal Reserve is; "to provide the nation with a safer, more flexible, and more stable monetary and financial system." The Federal Reserve actually did the opposite, only 16 years after the Federal Reserve was established, the stock market crashed. This was because the Federal Reserve kept a loose economic policy for too long and it caused a bubble, when the economy went under it did the opposite of what is was supposed to do, it contracted the money supply and stopped making loans, if the Federal Reserve"s intentions were to; "destroy the economy at any opportunity given", then I would argue they did just what they came here for. Another argument for the Federal Reserve is that it "regulates the economy and enforces banking regulations"; the truth is that these things are already taken care of, the invisible hand can regulate the economy, and law enforcement can enforce regulation. http://www.federalreserve.gov... The Federal Reserve is Destructive: The Federal Reserve is destructive to our economy, 1929 for example, the Federal Reserve kept monetary policy too loose for too long and it caused a stock bubble, in 2008 for another example, the Federal Reserve did the same, they kept monetary policy too loose for too long and it caused a housing bubble. Another supposed purpose of the Federal Reserve is that it "offers immediate liquidity", meaning that it bails out banks to prevent them from going under, if the banks think that they can get away with destructive behavior, they are more likely to do more destructive behavior, so the Federal Reserve"s bailing out banks who engaged in dangerous business practices, is only enticing them to be even more irresponsible. The Federal Reserve is Unconstitutional: Article 1 Section 8 Clause 5 of the constitution states; "Congress shall have the power; to coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures" Article 1 Section 10 of the constitution states; "No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility." The constitution states that congress should manage the money system and that our money should be gold and silver coin, the Federal Reserve issues the money, it is not congress, and it issues fiat though the constitution mandates a gold standard. One of the counter arguments to this is that "the constitution can be amended", but the fact is that neither the Federal Reserve Act of 1913 nor the Economic Recovery Act of 1971 got the necessary 2/3 vote to amend the constitution; hence they are not laws at all. Another counter Argument to this is that "The Supreme Court is above the constitution and can interpret it", this is not in the constitution, hence the Supreme Court does not have this power; the Supreme Court is the Supreme Court, the Constitution is the Supreme Law of the land, courts are not above the law, they just enforce it. http://www.archives.gov... The Federal Reserve is dishonest: In 2009, a series of transactions occurred, adding up to 9,000,000,000,000$ (That"s 9 trillion) being transferred out of the Federal Reserve to person/persons unknown. The U.S. Senate had a tribunal to address this, and the Inspector General had no idea where 9 Trillion dollar went, later, the Federal Reserve said that it was a bail out, but failed to say who it was given to. Not only is saying it was a bail out undefined, it is also impossible; our money supply is 10 Trillion, if 9 trillion was added, it would be 19 Trillion, so it had to have gone out of country. What happened to this money, which it was given to, why the Federal Reserve said it was a bailout even though we know that our money supply was not increased, and why the Inspector General didn"t know what happened is still an enigma; I don"t know if Alan Greenspan had a large gambling debt and was threatened with his kneecaps or if he just wanted to see what it looks like for the entire US money supply to go up in flames.