The Federal Reserve Should Be abolished:

Thank you for this opportunity to discuss the Federal Reserve today. I caution you before reading, my debate style is a bit unorthodox. I have a very minimalist approach and choose to make my statements short and coherent. I only say this because I've been criticized before. I have chosen to address my opponent's arguments before presenting my own. I will be using my opponent's own numerical system for organization. Response to Reason 1: "The Federal Reserve violates the constitution" As The Fed does not print (coin) money, The Fed does not violate the constitution. Here is my .gov source: http://www.federalreserve.gov... Here is some pleasure reading: http://finance.yahoo.com... Response to Reason 2: "The Federal Reserve violates the Sherman Antitrust Act" The Fed's monopoly on the "money supply" as you call it (while it is truly not as tangible of an idea). Is where its power comes from. Without this "monopoly", The Fed becomes irrelevant. Which is why when the Federal Reserve Act was passed, and the Federal Reserve was established, the Sherman Antitrust act was essentially ignored. The fact that The Fed has control over the United States money is no reason for it to be abolished, as that was its intention. Congress already made there decision, and the Sherman Antitrust act has no power over The Fed. Also, 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. You also wrote this in reason 2... "The Federal Reserve has injured the American people in both their property and their businesses, it has injured their property by instituting inflation and devaluing their money. It has injured their businesses by causing a number of disastrous fiscal policies beneficial only to the big banks; disastrous to the American public." Until this is somehow cited or proven I have no reason to take this seriously, and this statement should be considered invalid, your argument is considered null and void. Response to Reason 3: "It undermines our Free Market system" You state this: "The Federal Reserve violates this set up because the prices of commodities and the supply of money are controlled by the Federal Reserve, not by the markets. This undermines the entire capitalist system; according to Adam Smith, producers are capable of choosing the price for their own commodities, instead, this power is given to a group of unelected bankers who have government power. " The Fed does not control the prices of any commodities directly. This is just a basic fact so I'm not going to waste my time citing a source. However, if you have found any information suggesting this is true, this argument is invalid until you cite such information. The rest of your support of reason 3 hinges on this farce that The Fed controls "prices for commodities" so I rest my case here, unless of course, you can cite some specific instances. Your argument is considered null and void. Response to Reason 4: "It is privately owned and works for the interest of the big money and the banks" The Fed gives a huge portion (close to 95%) of its profits to the U.S. Treasury. Its interests lie with the interest of our nation's financial security. Citation: http://www.wsj.com... Just because The Fed is independent, doesn't mean it's not providing federal services, and this source nullifies your statements. Response to Reason 5: "The Federal Reserve's inflation policies hurt the working class the most" After reading this, I merely extend my arguments from my response to Reason 1. Unless you provide a valid reason The Fed causes inflation, I have no reason to address this, and your argument is considered null and void. Response to Reason 6: "The Federal Reserve is dishonest" And why does that mean The Federal Reserve should be abolished? Show me the investigation and reports on this and I will take it seriously. Until you do so, I won't take your word for it, and your argument is considered null and void. Response to Reason 7: "the Federal Reserve"s fiscal policies for economic growth are total quackery" "According to the Federal Reserve, to spur economic growth, inflation should be at 2%, inflation rates should be low, big businesses should have tax cuts, low interest loans, and free money in the case of an economic crisis." Where do you see that The Fed supports "tax cuts, low interest loans, and free money?" Until you show me, null and void. As for the rest of this section you appear to debate against "trickle-down economics" instead of The Fed, I wont be addressing any of it, it's a waste of my time. Response to Reason 8: "The Federal Reserve Board of Dictators and the Governors of the 12 Regional Banks are non-elected" The Fed is technically independent, it doesn't have to elect anyone. This argument is null and void. Response to Reason 9: "The Federal Reserve has caused economic turmoil" The frequency of recessions has been drastically decreased since the implementation of the fed in 1913, and as far as I'm aware, nothing has "collapsed on itself." The Federal Reserve was implemented after the great depression, so how did it cause it? It didn't, plain and fact. Research supporting The Fed: http://www.frbsf.org... Summation Response: If you're complaining saying, well I did cite stuff, but he keeps ignoring my citations, saying that my arguments are null and void! That's because not a single one of your citations support your argument. I will leave that to judges to decide, but it is quite apparent that all of your big quote bubbles and fluff truly don't support any of your statements in a rational manner. Your "research" most likely wasn't very thorough, and appears to be centered on propaganda rather than fact from an outsider's perspective. All in all, you have not shown in any coherent way that The Fed should be abolished based on what you have written so far. This concludes my response section. ************************************************************************************************* My main argument that The Fed should not be abolished will be concise and simplistic. The main reason the Fed should not be abolished, is that The Fed is our main supporter of economic stability nowadays. It protects against depressions and promotes economic growth solely through the control of interest rates. If The Fed were to be abolished, the United States would have no way to prevent national banking disasters that effect the entire world. The following is reading on how The Fed protects our nation. Link 1: http://www.investopedia.com... Link 2: http://www.nytimes.com... Link 3: https://www.federalreserve.gov... Link 4: http://money.howstuffworks.com... Link 5: http://www.cnbc.com... All of this reading supports my argument stated above. I feel no need to add additional arguments on why The Fed should not be abolished at this point in the debate, as my current argument is essentially the main idea behind The Fed. Thank you for reading. I look forward to round 2.