Resolved:The Federal Reserve Should Not Be Abolished

In this round I am going to rebutt Geographia's opening argument. The Mandate of the Federal Reserve: According to Investipedia, the duties of the Federal Reserve are: "1)To promote sustainable growth, 2) To maintain high levels of employment, 3) To stabilitze prices to help preserve the purchasing power of the dollar 4) moderate long-term interest rates. The leaders of the Fed are not elected "The leaders of the Fed are not elected. I'm not saying they are cohorts in making a conspiracy to control the world, but that they are not held accountable. [1]" The leaders of the Fed, are however, selected by the Senate and the President (,http://en.wikipedia.org...) who are elected by United States citizens to appoint government offices such as the Federal Reserve. This selectment system is similiar to the justices Supreme Court, who are selected by the President and the Senate. If a Federal Reserve member is not doing their job, then they go through an impeachment process. (http://en.wikipedia.org...) Since the leaders of the Fed can be impeached, they are held accountable, just like any other government agency, therefore abolishing the Federal Reserve on this ground is unjustified. There has been inflation This is generally known and it shouldn't be contested much. First off, inlfation is invetiable, according to this website: http://www.economist.com... Second off, inflation is not a bad thing, as it tends to lead to wage increase and a sign of a growing economy. (http://www.investopedia.com...) What is a bad thing, however, is unexpected hyperiflation, and the Federal Reserve has done a good job in targetting inflation and keeping it in check (ww.usinflationcalculator.com/inflation/historical-inflation-rates/) thus the Federal Reserve has done its obligation to check inflation. There has been Several severe economic crisis. Also shouldn't be contested much. The Fed doesn't seem to be much able to do much in times of recession or depression. During the Great Depression, the Federal Reserve had to reform in order to more effectively counter the Great Depression. And the situation of the Great Depression improved over time (http://www.u-s-history.com...) The Federal Reserve did a lot better job countering the Great Recession, however, and since Novemember 2010 the unemployment rate went down from 9.8 % to 5.5%. Thus, the Fed did do a sufficient amount to lower unemployment during the Great Recession. (https://research.stlouisfed.org...) In conclusion, the Federal Reserve fufills its mandate to "1)To promote sustainable growth, 2) To maintain high levels of employment, 3) To stabilitze prices to help preserve the purchasing power of the dollar 4) moderate long-term interest rates. I have also rebutted all of my opponents points, demonstrating that Fed leaders can be kept in check via impeachment, that inflation is not neccessarily a bad thing by indicating a growing economy, and that the Federal Reserve has been effective in reducing unemployment during the Great Recession. (I have also demonstrated in the last Round how the United States is the largest economy in the world.) Thus, the Federal Reserve should not be abolished, for it has fufilled its obligations.