The Federal Reserve Should Be abolished:

Welcome back, glad you could sort out your computer issues. Lets jump right in shall we. As you printed your same reasons, however of course, with many revisions and responses, I will be using the same structure. Response to Reason 1: You state in this reason, that the Fed has power over the Bureau of Printing and Engraving. The Fed is a national bank. One of the major points of the Fed's creation was to establish nationwide currency; Federal Reserve notes (AKA the US dollar). Within the Federal Reserve Act of 1913, the Fed was given to power to provide a nationwide currency, which was printed by the Bureau of Printing and Engraving, and given back to the Fed for it to distribute. The Bureau issues the money, not the Fed, therefore again nullifying the argument that the Fed is unconstitutional. The Fed is merely a distributor. Is this a loophole in the constitution? Of course. Does this disprove your argument permanently? Very much so. Response to Reason 2: Your statement: "the Federal Reserve's purpose was to establish financial stability as well as provide a safe currency for public use, if this was its goal, it has utterly failed and leaving monkey in charge of our money would be less disastrous." Please Harry, SHOW ME how they failed. Don't just say this. Until you back up this claim, that statement is an opinion and should be disregarded. Besides that point, I extend the argument that the frequency of recessions has had a drastic decrease since the Federal Reserve Act's implementation. Your second paragraph of this reason is also clearly an opinion, and even if your statements that we do not need the Federal Reserve to control the United States' money supply in order to have financial stability were true, it doesn't provide a reason for the Fed to be abolished. In response to paragraph 3, I extend this argument of mine, "money is technically not trade or commerce by the definition of the words trade and commerce, making the all statements in your paragraphs for reason 2 null and void." Paragraph 5: Prove this inflation is a bad thing, and prove that the Federal Reserve is the sole cause of this inflation. You cited a calculator, this doesn't prove your point. Paragraph 6: Before I acknowledge anything here I would like to apologize for stating in my first round that the Great Depression occurred before the Fed's implementation. I was deep in my reading and I mixed up some numbers. With that out of the way I will address this paragraph. All of your information is correct. Before the Great Depression the Fed made some mistakes, which inevitably was a factor in economic downfall. This is why today the Fed's chairmen check economic statistics every 30 minutes all the time, and every 15 minutes during economic downturn, making the system much more responsive and effective. The problem has been remedied. Past mistakes are no reason for present abolishment. Response to Reason 3: So, because you admit that the Fed does not control any prices in our free market, you also admit that it doesn't undermine the free market system. The Fed doesn't tell you what to buy and when to buy it, they don't alter the free market in any way. Response to Reason 4: The reason that Class A directors are chose by commercial banks is because all banks link back to Fed, and monitoring at every level of banking is necessary for the Fed to do its job. I'm also about to drop a little bombshell for you here, believe it or not, banking is a business. Banks make profit. If we shut down banks for practicing business, our economy would crumble as nobody would have access to tools and utilities that banks provide to help them get out of financial turmoil such as loans. More the reason the Fed shouldn't be abolished, the people are incompetent with there funds, as the video you provided teases at immensely. Response to Reason 5: The middle class is declining simply because people just aren't unionizing anymore. People are no longer fighting for better wages, they've slunk back like the cowardly animals they are to big business. Inflation may be partially responsible, but the people are really to blame. Abolishing the Fed will throw the economy into a vicious downward cycle of non-recoverable depression, the inflation is a small price to pay, and the people can fight against inflation and deal with it, they simply won't. Citation: http://www.forbes.com... Response to Reason 6: So, because our government is relatively dishonest with the people this means we need to abolish a tool still providing stability? No sir, it just isn't practical. Politicians aren't going to be honest, if we can't accept that, maybe we should all move to Switzerland. You made it sound pretty great there. Response to Reason 7: The statement that these "economic policies are total quackery" is still your opinion. I would like you to cite there bailouts so I can respond to them in a proper manner, until then, I still don't see how anything you've written in reason 7 previously or now should be taken seriously. We can't just write down our opinions on economic policies that could take decades to test and expect it to be taken seriously now can we. Response to Reason 8: I extend arguments from my response to reason 1 this round. The Fed is a distributor not an issuer. If you have any problem with loopholes, you should probably move out of America. Response to Reason 9: As previously stated, I take responsibility for my misconception and I apologize for it. As in this response you extend arguments from Reason 2, I extend arguments from my Response to Reason 2, paragraph 6. You also state this: "the rate of recessions has not decreased since the implementation of the Fed in 1913. Infact it has increased." The rate of recession has decreased twofold after the Great Depression. To quote my citation, "From 1836-1928 the U.S. averaged a recession every 2.1 years." 2.1 years is the frequency of recession before the depression, then the source discusses the frequency after... "You can see that roughly every four years the U.S. has entered a recession." It is clear and evident that the rate of recession decreased following the Great Depression, as the Fed "stepped up its game" if you will. Citation: http://awealthofcommonsense.com... And to talk about your last statement, there's no solid evidence to back those claims. The housing bubble was caused by Cuomo believe that or not, I know it's not relevant but, I thought I would throw that out there for kicks. Summation response: I have remedied my mistakes and again dismantled all of my opponents. Nothing further on response. ************************************************************************************************* My opponent chose not to respond to my main reason the Fed should not be abolished from round 2, so I merely extend my arguments. I would also like to state that the reason I chose to just post the links of reading instead of re-wording and writing it all myself is that this is all readily available information. I shouldn't have to re-state the factually established. The Fed's job is fact and multiple sources support my claim that without it, financial turmoil would ensue.