The Federal Reserve is a Cartelization Device

http://www.youtube.com...My opponent seems to think a grand conspiracy was behind meetings by leaders of banking. Although meetings may have taken place. The fact my opponent wishes to portray them as a scheme to take over the world is false.Partnership, ummm not reallyThe Federal Reserve is over all the banks in America. It is not a partnership in the sense that all member banks share equal profits. The dividend member banks receive is only 6% and they have to buy in. Whereas, the US government makes a majority of the profits. In the definition he provided it says, "enhance their profit margin." The fact that the member banks only get a total of 6% back, refutes the point about enhancing their profit margin. Sources:1)http://www.nytimes.com...Jekyll Island GroupMy opponent asserts that because a bunch of bankers met to come up with a Federal Bank it is a cartel. Who else would we want to create a central bank? I can think of nobody more qualified then bankers. On top of that, the bill they drafted did not get accepted. Some parts were incorporated into the Federal Reserve Act of 1913 but not all. In the definition he provided it says, "group of independently owned businesses which come together." A group of men who works towards drafting a bill for the government, does not qualify as a group of businesses coming together. It simply means they are the most knowledgeable on the subject. Presidents always have business summits in Washington and that is not a conspiracy.Source:1)http://www.jekyllislandhistory.com...The Federal Reserve was created by the governmentMy opponent falsely assumes because knowledgeable people work on a bill for the government, it was not mandated by the government. The government was the entity that brought them together. In addition, they sent them to Europe to learn of their banking system. Furthermore, the leading person who pushed for the Federal Reserve Act was President Woodrow Wilson and of course it had to be passed by Congress and Senate. That again refutes his point that a group of independently owned businesses created the Federal Reserve.Sources:1)http://en.wikipedia.org...Rebuttal's to what my opponent has saidMy opponent - "The U.S. Government does not receive all profit. The banks receive a profit as well through reserves. They are able to funnel money into banks if needed. Also, my opponent does not understand the full concept of counterfeiting. Counterfeiters all have the benefit of having that money FIRST. From there, it ripples down into the economy creating an uneven redistribution of wealth."My opponent does not understand Monetary Policy which is the policy the Federal Reserve controls. They allow banks to have more money by buying securities. They do this when they need to stimulate economy, recession. It allows the bank to loan more money, thus stimulating the economy. During a boom in the economy they can also buy securities or take money from banks. They do this to benefit the economy and not just to "make more money for banks."Sources:1)http://www.federalreserveeducation.org...2)http://money.howstuffworks.com...My Opponent - "This is completely irrelevant! Why does it even matter that these individuals were not alive 100 years prior?It is very relevant that there was a central bank prior to these people being alive. It completely disproves the conspiracy that they created the Federal Reserve as a grand scheme to take over the world. The first and second Central Bank stand as proof that many people though a central bank was a great idea. Unless off course my opponent believes those were conspiracies also. My opponent - "Also, there are not as many banks as there were prior to the Federal Reserve. This is false. Prior to the Federal Reserve, there were over 3000 different currencies being used in the U.S. All of these currencies were different bank notes being issued by banks. "The fact that there more then 3000 different currencies is irrelevant. It is actually even a great reason why a Federal Reserve was needed. The point I made, that matters, is there are more banks now then before the Federal Reserve. That is relevant because it negates your argument that the Federal Reserve pushes out competition. My opponent - "First of all, it doesn't matter if all banks do not have to join the Federal Reserve. All that matters is that the major banks do join the Federal Reserve and they benefit from this because the FED has the ability to funnel money into them if needed. Other banks that are not members of the Federal Reserve do not benefit, and banks that are not members, are incredibly smaller, almost insignificant. "The Federal Reserve sells securities in order to stimulate the economy. It is not just to funnel money into them, so that way people will become rich. The Federal Reserve helps protect against that also, it acts a regulator of banks.It is clear that I have refuted the assertion that the Federal Reserve is a cartelization device. Refuted his definition:The Federal Reserve was not created by a group of independently owned businesses.The Federal Reserve was not created to drive out competition.The Federal Reserve was not Created to maximize profits.