The Federal Reserve should be abolished.

Well cool. :)Acceptance of definitions. (I forgot to put them in the first round)cartel- a group of independently owned businesses which come together for the purpose of reducing or eliminating competition between themselves to enhance their profit margin or to secure their positions in the market. The Federal Reserve System-central banking system of the United States (not a government agency) that conducts monetary policy, supervising and regulating banking institutions, maintaining the stability of the financial system and providing financial services to depository institutions, the U.S. government, and foreign official institutions.Money trust- control of the majority of the world's financial wealth and political power could be controlled by a powerful few.My case for why the Federal Reserve should be abolished.1. It is incapable of accomplishing its stated objectives as to maintain stability of the financial system. It was created in 1913. Since then we have seen the depressions and recessions of:Depression of 1920-211923-24 recession1926-27 recessionThe Great Depression 1929-331937 recession1945 recession1949 recession1953 recession1959 recession1960-1961 recession1969-1970 recession1973-75 recessionEarly 80's recessionEarly 90's recessionEarly 2000's recessionLate 2000's recessionIts main goal was to stabilize the economy to prevent recessions and depressions. It has failed to do so and is incapable of doing so (which i will explain later)2. It is a cartel, operating against the public interest. It was proposed by Nelson Aldrich, a business associate of J.P. Morgan, and the father-in-law to John D. Rockefeller Jr. He eventually became the grandfather of Nelson Aldrich Rockefeller, our former Vice President.The Federal Reserve Act was created in secret by:Nelson Aldrich (already described above.Abraham Andrew-Assistant Secretary of the Treasury, who later became a Congressman. He was very prominent in banking circles. Frank Vanderlip- President of the National City Bank of New York, the largest and most powerful of all the banks in the country. He represented the financial interests of William Rockefeller and Kuhn, Loeb & Co.Henry Davison- Senior partner of the J.P. Morgan company.Charles D. Nortan- President of the First National Bank of New York.Benjamin Strong- The head of J.P. Morgan's Trust Company, and 3 years later after the Federal Reserve System was created, he became the head of the system. Parl Warburg- (probably the most important there because of his European banking knowledge) He was born in Germany and eventually became an American citizen. He was a partner in Kuhn, Loeb & Co. and was a representative of the Rothchilds Dynasty in England and France. Throughout the years of his banking in America he stayed in close contact with his brother Max Warburg who was head of the Warburg Banking Consordium in Germany and the Netherlands. Paul Warburg was one of the wealthiest men in the world. These men represented about 1/4 of the wealth of the entire world. These men created the Federal Reserve Act in secret on Jekyll Island, Georgia. An article written by Frank Vanderlip shows how this really happened. "I do not feel it is any exaggeration to speak of our secret expedition to Jekyll Island as the occasion of the actual conception of what eventually became the Federal Reserve System. We were told to leave our last names behind us. We were told further that we should avoid dining together on the night of our departure. We were instructed to come one at a time and as unobtrusively as possible to the railroad terminal on the New Jersey littoral of the Hudson where Senator Aldrich's private car would be in readiness attached to the rear-end of a train to the south. Once aboard the private car we began to observe the taboo that had been fixed on last names. We addressed one another as Ben, Paul, Nelson and Abe. Davison and I adopted even deeper disguises abandoning our first names. On the theory that we were always right, he became Wilbur and I became Orville after those two aviation pioneers the Wright brothers. The servants and train crew may have known the identities of one or two of us, but they did not know all and it was the names of all printed together that would've made our mysterious journey significant in Washington, in Wall Street, even in London. Discovery we knew simply must not happen.""If it were to be exposed publicly that our particular group had gotten together and written a banking bill, that bill would have no chance whatever of passage by Congress." These men created a bill that was supposedly supposed to break the grip of the "money trust, and it was written by the "money trust"There were people from the Morgans, the Rockefellers, Kuhn, Loeb & Company, the Rothschilds and the Warburgs. These were competitors. These people created the Federal Reserve Act as a cartel, to help eliminate competition. These people did not believe in free enterprise competition. "If you cant beat em, join em." This cartel went into partnership with the government. The Federal Reserve System is not a government agency. The word "Federal" is there just to make it seem that way. The word "Reserve" is there just to make it seem like the U.S. has a reserve money pile somewhere (which it doesnt) The Federal Reserve is a hybrid. It is partly controlled by the banking cartel and partly controlled by the government. The Federal Reserve creates money from nothing. How do they benefit?It starts with the government side of the partnership. Whe Congress spends more money than it takes in with taxes alone, they go to the Federal Reserve System. The Federal Reserve then just writes a check for whatever amount of money they need. This money comes from nothing. They just print whatever money they need. This is the payoff to the government for being in the partnership.Now, the banking cartel benefits because of the money the government asks for. The government receives the money from the Fed. The government starts spending the money. This money is used to help pay all of the government workers (teachers, postal workers, policeman) These people deposit their money into their local commercial bank. This gives the banks money to loan. This gives the banks the power to charge interest on those loans. And this is how they benefit. The banks are able to loan money that comes from nothing and charge interest on money that comes from nothing. That is their payoff. 3. It generates our most unfair taxBecause the Federal Reserve is able to create money from nothing, this puts more money into the economy. Because we are not on a gold standard, that money causes inflation. Inflation is a hidden tax. These new created dollars delute the dollar's worth and this causes prices to go up, or make them appear as if they were going up. If we had a system backed by gold, then we wouldnt have this problem because the value of gold has stayed almost the same since ancient times. The price of a nice toga in ancient times would be the same price in gold as a nice suit would be today. Inflation is a tax. You have to pay it. The Federal Reserve makes the prices go up, which allows the banks to charge interest on dollars that come from nothing. 4. It destabilizes the economy.As explained in number 3, the value of the dollar declines from the Federal Reserve creating money. It delutes the dollar and makes prices appear to go up. This destabilizes the economy. I have made my case. Your turn. :)Citations http://en.wikipedia.org...http://www.bigeye.com....http://en.wikipedia.org...