The federal reserve should be dismantled

The FED can be dissolved and it's care be given over to the US Treasury. Congress could introduce a bill to end the Federal Reserve System. It would get known as the "End the Fed Act." The act would state that the Federal Reserve Act of 1913 is hereby repealed. So are all subsequent acts based on the Federal Reserve Act of 1913. All authority of the Federal Reserve System to act in the name of the United States government is hereby revoked. The assets of the Board of Governors of the Federal Reserve System, which are already the property of the United States Government, are hereby transferred to the Department of the Treasury. This includes all of the assets listed on the balance sheet of the Federal Reserve System. The twelve (12) privately owned Federal Reserve Banks will return all assets held in trust for the United States government within thirty (30) calendar days of the signing of this bill into law. The gold reserves of the United States government that are held in storage by the Federal Reserve Bank of New York will be transferred to the Government"s depository at Ft. Knox, within one calendar year after this bill becomes law. The Government Accountability Office will conduct an inventory of the gold held in storage by the Federal Reserve Bank of New York before and after this transfer. The Board of Governors will vacate the premises of the Federal Reserve building within thirty (30) calendar days of the signing of this bill into law. The answer is quite simple since the Board of Governors of the Federal Reserve System is a government agency. Its authority would be transferred to the U.S. Treasury. The dozen Federal Reserve Banks are privately owned. All authority of these 12 banks that derives from their connection to the Board of Governors will cease. If they can make a profit, fine. If not, equally fine. Only one government agency is defended by publicists, both on and off the payroll of the Federal Reserve System, as deserving to be independent of the government that has transferred authority to it: the Board of Governors of the Federal Reserve System. The phrase, "the independence of the Federal Reserve System," is a code phrase for "the independence of the four largest U.S. banks from the threat of losses." A growing number of voters has figured this out since the fall of 2008. This is why the Federal Reserve System is facing public criticism for the first time since 1914. Ron Paul could not get Congress to audit the FED, which by law possesses this authority. The Congress has been in the hip pocket of the FED for almost a century. The Congress lets the FED run the nation"s economy. As criticism spreads, there will be more voters who figure out what the FED is and has always been: a government-created cartel of the banks. It operates for the benefit of the largest banks. We have had massive price inflation caused by the FED and subsequent recessions and bubbles also caused by the FED. Digital technology is now international. If buying and selling digital U.S. dollars is no longer profitable, because long-term contracts are not possible under hyperinflation, then the citizens of the United States will do what citizens of Zimbabwe did. They will use other currencies. It will not take legislation to end the FED. All it will take is the FED. If the FED continues to inflate, it will destroy the monetary system based on the FED. But if it ceases to inflate, by ceasing to buy Treasury debt, it will create Great Depression 2. Bernanke can get away with QE2 today only because commercial banks are not lending. If they start lending, M1 will rise, the M1 money multiplier will rise, and price inflation will return. He has bought time with QE2, but he has not bought a way out of the credit bubble that Greenspan and he created. He can play hide and go seek with Ron Paul, refusing to show up at the hearings of the Monetary Policy Subcommittee. Congress cooperates. But he cannot play hide and go seek with the business cycle. Greenspan did, but he got out in 2006. The Federal Reserve System bases its power on its ability to control the monetary base. It swapped T-bills for toxic assets to save the big banks, but to replenish its supply of swappable liquid assets, it has to inflate, as it is now doing. QE2 is replenishing the supply of Treasury debt to swap with large banks. The FED did not bail out any small banks in 2008. Its unofficial mandate is to bail out the largest commercial banks.