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. " "Pro has given a plan to "End the Fed. " But in that plan he does not state how the banking system will be regulated after the Federal Reserve is dismantled. Nor does Pro offer any his speculated results for the plan. Most importantly, Pro did not tell us what the benefits would be by dismantling the Federal Reserve. Pro just stated what would happen and how it would happen. "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. "This a fallacy and an appeal to fear using terms like "code phrase" and "hip pocket. " Pro has not shown once how Congress is in the "hip pocket" of the Federal Reserve. The Federal Reserve is audited every year as I pointed it out. The Federal Reserve is required to release their Comprehensive Annual Financial Report annually. "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. "Again, this is an appeal to fear. Where is there evidence of the Federal Reserve of engaging in hyperinflation or intending to produce hyperinflation? It does not exist, there is not evidence that they are going to destroy the monetary system. "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. "Bernanke can get away with QE2? Interesting, I thought Janet Yellen was the Chairman of the Federal Reserve[1]. I don't know how Bernanke can do any of the things you pointed out when he is not responsible for them. [1]. http://finance.yahoo.com... "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. "The Federal Reserve has not been in QE2 for at least three years[2]. The Federal Reserve was not going to bail out the smaller banks because the Federal Reserve is concerned with larger banks who have a significant impact on interstate commerce. The smaller banks have little impact on interstate commerce. The larger banks required more attention because they affected the economy significantly. [2]. http://money.cnn.com...These are the reasons why Con should be voted for according to the resolution:1) The Federal Reserve protects the public. This point stands as is. The Federal Reserve regulates the banking system.2) The Federal Reserve dictates monetary policy.3)The Federal Reserve regulates banking institutions.4) The Federal Reserve is privately owned.5) The Federal Reserve is not a conspiracy or a secretive organization. Multiple times throughout the debate, my opponent has used conspiratorial tones. Using terms such as the "wealthiest," "hip pocket," and other loaded terms without back up the exact details of what he is referring to. 6)The Federal Reserve releases a comprehensive report every year.7)The Federal Reserve is regulated by Congress and the President.8) To get rid of the Federal Reserve will have unpredicted consequences on the American economy and the global market.9)Pro did not offer what the benefits would be if we dismantled the Federal Reserve. It seemed Pro was arguing for the dismantlement of the Federal Reserve but failed to explain why we should be concerned with it. What benefits will this entail? I would argue from what we seen in this debate there would be more negative consequences then immediate benefits.