The Federal Reserve Should Be abolished:

I'd like to take this opportunity to thank my opponent for holding strong in this debate, and to also state that I do not want judges saying I had better conduct because he is using google docs. I openly agreed to this action. Thank you. I will be organizing my responses in yet again the same fashion. Reason 1: I can find no evidence that suggests that to 'coin money' means to issue paper money, only that is to stamp coins from metals. So by the supreme wording of the constitution, only the creation of coins is delegated to the congress only. If you discover a source stating differently, please post such information. http://www.heritage.org... In response to the last part, I chose not to address that for a reason. The reason being that this action is not unconstitutional, and therefore unimportant to your argument. Reason 2: *NOTE* There's a lot of info here (not all of it about the Sherman Anti Trust act), so I'm going respond to select quotes that encompass all of your arguments in this section regardless of what they're about. Everything in quotations is directly taken from your Reason 2 section. "For one they let inflation get out of control, now it"s 10%, and you can guess who"s paying the bill- me, you, and everyone else!" Who is to say this inflation is caused BY the Federal Reserve? Is that an opinion? Here is a fantastic source that properly defines how inflation occurs, and how the Federal Reserve reacts: http://www.forbes.com... "For two, unemployment is crazy, there are 93 million unemployed people in the US, meaning that unemployment is 29%, higher than the great depression. " This information is so horrifically false this is disgraceful. According to the Bureau of Labor Statistics (a .gov source, not YouTube) unemployment is resting at about 5%. This report was published May 6th, 2016, which is only 4 days before I write this argument. http://www.bls.gov... *Side note* Stop citing YouTube videos. They are a pain in my side to go out of my way to watch them and shouldn't be considered credible citations. In response to paragraph 3 and 4 as a whole, the 'monopoly' you claim the Federal Reserve has, doesn't really exist. Let's define monopoly. According to google monopoly means... "The exclusive possession or control of the supply or trade in a commodity or service." The money supply (cash money and credit in circulation) is not a commodity as commodities are bought with money. Commodity: A raw material or primary agricultural product that can be bought and sold, such as copper or coffee. Nor is it a service. Service: The action of helping or doing work for someone. A system supplying a public need such as transport, communications, or utilities such as electricity and water. So a monopoly on money therefore cannot exist, leaving the Sherman Anti Trust act not violated. "the Federal Reserve was definitely responsible for this because the inflation rate from 1800-1900 was -51%, or 0.5% deflation per year, meaning 100$ in 1800 was worth 49$ in 1900, or a -51% markup. While 100$ in 1913 is worth 2400$ today, or a 2,300% markup, divided over 103 years that"s an inflation rate of 22% per year. " Please show me your source of these numbers. But let's for fun pretend this is real data (it's not until it's cited). Let's also pretend I didn't already provide an explanation other than the Fed for why inflation occurs. You cannot explicitly prove that the Fed is the sole cause of this inflation until you examine every other thing the US government did on an economic level in your provided time frame. This is a daunting task to say the least. Since I already responded to the inflation argument thoroughly, I will not be addressing the last two paragraphs of this section. Reason 3: "it [the Federal Reserve] doesn"t directly control the prices of our commodities" And so the free market remains free. My favorite Italian restaurant can still charge whatever they want for spinach ravioli. 17 dollars well spent. Reason 4: Of course they support private banks as well! If Citi for example goes under, all the Americans using Citi are out of luck! Reason 5: I extend my previous argument on inflation. Here is a repeat of my citation. http://www.forbes.com... Reason 6: GDP is affected by other factors as well, and these factors can be manipulated by the Fed in the favor of GDP, all of which are used and have proven to be working over the past 70 or so years. Interest rates are especially effective. http://www.economicshelp.org... Reason 7: Well, it's good to see that the Federal Reserve is using its immense profits to save businesses and keep the economy strong. Being it is independent, this is a good use of its extra funds. Thank you for showing this to me. Reason 8: I extend my current response to Reason 1. Reason 4, Part 2? (I'm going to assume you meant Reason 9): The difference between 35% of the time and 31% of the time is negligible. Additionally, according to your source, all recessions in your specified time frame were either followed by a strong recovery, or the recession overall was quite mild. This makes this argument quite a bit less potent. Summation Response: My only response to my opponent's arguments as of now, is not only do they seem to fall apart with simple provocation, but my opponent has consistently backed up a few of his beginning points with false information, such as, the 93 million unemployed. I can only hope that was a troll. ************************************************************************************************* I extend all previous arguments in favor of the Fed that I have previously stated over the rounds.