The Federal Reserve is a Cartelization Device

http://www.youtube.com...You are basing your argument off conspiracy theories and not facts. Shall we look at the facts?In 1907 there was a banking panic that was going to spin the US into a depression. That was solved by bankers getting together and flooding the economy. Then in 1913 something had to be done to prevent future economic problems and stop bankers from having so much power. That is when the government created the Federal Reserve. The Federal Reserve is responsible for handling monetary policy. Namely, maximum employment, stable prices and moderate interest rates. That was all laid forth in the Federal Reserve Act of 1913.Sources:1)http://www.investopedia.com...2)http://www.stlouisfed.org...3)http://www.minneapolisfed.org...4)http://www.britannica.com...Cartel is not ran by a bunch of businesses The Federal Reserve was created by the government. Although it was created to operate independently of the government. The reason that it was created to act independent of government is so that it would not be political. To have politics swaying the Federal Reserve would be disastrous to our economy. Just think about all the money that would flood into the system during elections year. Just think about the fact how the Federal Reserve would have no stability.Other proofs it is not ran by businesses1. U.S. government receives all profit - making 79 billion in 2010 2. Federal Employees3. Members of Board of Governors chosen by Senate4. Subject to Congressional oversightSources:1)http://www.ushistory.org...2)http://www.nytimes.com...Rebuttal - the Federal Reserve was not created in secret:The Federal Reserve Act was passed by the congress, senate and President. That does not look like something that was done in secret. To say that it was created by wealthy people to control the world is utter conspiracy. The sources you provide don't hold water because they are conspiracy websites.They also did not even come up with the idea as they were not a alive when the first or second Central Bank was created. To apply that they had a diabolical plan to control the world through the Federal Reserve is false. That is prove by the fact that there were central banks prior to the Federal Reserve.Sources:1)http://www.bos.frb.org...2)http://www.ushistory.org...3)http://www.ushistory.org...Rebuttal - the Federal Reserve was not created to drive out competition1. Banks do not have to join the Federal Reserve2. Federal Reserve banks(12) supervise many banks in district3. More banks now then before Federal Reserve4. 9459 Competitors(banks in US)Sources:1)http://www.richmondfed.org...2)http://www.fdic.gov... 3)http://url.rexroof.com...Rebuttal - great partnership between government and banks1. Protects economy2. Banks can Loan more money3. Banks supervised for fraud4. Federal Reserve can be audit'sSources:1)http://www.federalreserve.gov...2)http://www.auditthefed.com...As proved by the arguments made above the Federal Reserve is not a cartelization device. It was in no way created by a bunch of businesses to drive out competition. Per the definition my opponent gave, the Federal Reserve does not help secure anyone's position in market or drive up profit. By his own definition his arguments and mine prove that he Federal Reserve is not a cartelization device.