The federal reserve should be dismantled

Unfortunately as we will see he has failed to prove the value of the Federal Reserve. My opponent lays out three points for his opening argument about why he thinks we should keep the Federal Reserve. First he willingly submits that the origins of the Federal Reserve were sufficiently explained by me. In other words the plan was laid out by a group of the countries wealthiest in their own self interest. He says: "my opponent has explained some of the origins. I won't waste any time here. " That's the exact attitude that allows the FED its free reign of our economy. My opponent then states that the purpose of the Federal Reserve is to regulate commercial banks. That they are responsible for "quantitative easing" as he cites. That they are responsible for "inflation and deflation. " I would argue that they have been the sole reason for inflating our currency and for 100 years have manipulated our currency causing the destruction of our purchasing power. Finally he points to the duty they have regarding money supply and providing security for banks and their account holders. As if the federal reserve does so, which it doesn't. The FDIC and other programs guarantee our safety. My opponent uses the federal reserve as source for much of his arguments. My opponent says "If the Federal Reserve was "dismantled," the chances of runs on banks would increase significantly. Commercial banks would no longer be as secure. " There is no evidence that the FED prevents runs on banks, ie the Great Depression of the 1930s. Also that commercial banks are secure, ie the bailout of the banks by congress in 2009. They didn't prevent anything, in fact they helped to cause repeated bubbles and recessions in trying to manipulate the free market. My opponent says they protect the public and I say they protect themselves with our money. My opponent says Federal Reserve dictates monetary policy. And I say that is exactly the problem, they dictate to what is supposed to be a free market. My opponent says that the FED is privately owned as if that's a virtue. The fact is that the idea of privately owned institution running our economy has the fox guarding the chicken coop. He says: "to give the Federal Reserve to Congress is a disaster in the making. " I do agree that we should have a new central banking system but not one owned by the banking industry. My opponent then goes on to talk of some conspiracy theory and I don't believe its a conspiracy. I do believe that it's a well oiled business that creates money out of thin air and loans it to banks at ten times the amount they have in order to loan it to customers who need to borrow money. I would love to be an owner if that privately owned corporation known as the Federal Reserve. There is an old saying that " if you always do what you've always done, you will get what you've always gotten. " The FED is an outdated concept that is no longer needed as it exists much like other government organizations. From the days of America"s most famous postmaster, Benjamin Franklin, two decades before the American Revolution, residents of North America have thought that the country could not do without a government-funded postal system. In the past 15 years, this faith has quietly died. The United States Postal Service now delivers mostly subsidized opportunity mail. In other words "junk mail. " With email, UPS, FedEx, and text messaging, the first class letter is archaic. Historians will not be able to trace much after 1998 based on copies of letters. With no fanfare, the postal system has become optional. The public does not go to the local Post Office often. All of this has happened without any new legislation. The once unbreakable monopoly of the Post Office is a rusted-out shell, staffed by union-protected workers who probably know their jobs are peripheral. Its volume declined by over 12% in 2010. This is expected to continue. That would cut volume by 50% by 2017. About 40,000 employees were fired in 2010. Saturday delivery will be dropped soon. There is another rate hike scheduled. Yet the outfit will lose $10 billion this year. All this has happened without any enabling legislation. It has happened quietly. Market competition has reduced the USPS to an anachronism. It is a leftover shell of a bygone era. Nevertheless, the Post Office is slowly dying. No one planned this. The free market has replaced it, despite its official monopoly. This example offers hope in that it means the free market solutions can come into existence before a government entity is shut down by law. The Post Office officially is a monopoly, yet its monopoly status has been eroded over the last four decades. It has been almost entirely replaced over the last two decades. While critics of the postal monopoly had for decades tried to get Congress to revoke the Post Office"s monopoly, all attempts failed. They were associated with the fringe. Yet, year by year, the Post Office fell behind. It is almost irrelevant in American life today. This was not planned by any political group. It was the result of new technologies. People made decisions, day by day, to bypass the Post Office. But don't expect Congress to revoke the Federal Reserve Act of 1913 in this decade. The powers that be who run this country do so by means of the Federal Reserve System more than by any other semi-private institution. It is at the center of control, because the monetary system is at the center of the economy. We will be much better off as a society if we get rid of the Federal Reserve before it gets rid of us. We don't need a group of wealthy families to control our economic system. Not in this day and age of technology and information. We need a central banking system of course, but we don't need the Federal Reserve.