The federal reserve should be dismantled

"Unfortunately as we will see he has failed to prove the value of the Federal Reserve. My opponent lays out three points for his opening argument about why he thinks we should keep the Federal Reserve. First he willingly submits that the origins of the Federal Reserve were sufficiently explained by me. In other words the plan was laid out by a group of the countries wealthiest in their own self interest. He says: "my opponent has explained some of the origins. I won't waste any time here."The three points were to show what the Federal Reserve is and what it functions as currently. I actually don't want to get into Pro's claims about the "wealthiest" creating the Federal Reserve. This will open a whole can of worms suited for a different debate contesting the origins and intentions of the Federal Reserve. At first, I was going to reply to it in my "Origins of the Federal Reserve" but I ended up having over -4,500 characters. So I had to remove that section because it is not relevant either. The origins of the Federal Reserve is not relevant to the resolution unless Pro's connecting it together for the justification of having the Federal Reserve dismantled. Pro is guilty of appeal to emotion because he is attempting to use the "wealthiest" as a pejorative. The origins of the Federal Reserve thus far is irrelevant and let us not be bound in webs of tangents irrelevant to the resolution at hand."I would argue that they have been the sole reason for inflating our currency and for 100 years have manipulated our currency causing the destruction of our purchasing power."My opponent seems to misunderstand how inflation works. The Federal Reserve influences inflation and deflation but is not solely responsible. Inflation is commonly caused by cost-push inflation which is the result of a dramatic increase in the cost of goods and service[1]. The Federal Reserve is not responsible for this nor can control it. The Federal Reserve controls money supply so they can cause a little inflation but it is not. Plus also my opponent ignores the fact that the economy has grown significantly over the past hundred years or so. [1]http://www.wisegeek.com...According to his scenario, the cost of goods and services did not change on their own so we should not of seen inflation if there was no Federal Reserve. But the Federal Reserve is not in control of most occurrences of inflation aside from the money supply. That is not true because prices are inflated and deflated due to speculation and interest as well. There are numerous reasons for inflation. The Federal Reserve is not solely responsible for the decline in purchasing power. National debt, credit ratings, interest rates, and consumer confidence affect the purchasing power of the dollar as well. So let us not fall to the idea that the Federal Reserve is solely responsible because it is simply not true." Finally he points to the duty they have regarding money supply and providing security for banks and their account holders. As if the federal reserve does so, which it doesn't. "The Federal Reserve does control the money supply[2]. My opponent has not shown any evidence to the contrary. Pro is wrong here indefinitely. The Federal Reserve also provides security for banks whether my opponent likes it or not; it is a fact. The Federal Reserve requires banks to uphold certain standards in order to serve the public and prevent the deterioration of their own banks[3].[2]http://www.investopedia.com...[3]http://www.investopedia.com..."The FDIC and other programs guarantee our safety. My opponent uses the federal reserve as source for much of his arguments."No, the FDIC only insures depositors and failed banks. The FDIC does not regulate banks or banking practices. FDIC does not guarantee are safety. That is like saying you have property insurance then a fire breaks out at your house. Does the property insurance protect your house? No. Property insurance only pays after your house has been burned down. As the FDIC only pays out after problems have ensued and after people have suffered. The Federal Reserve is responsible for regulating of bank behavior. The FDIC only pays for the consequences of banking results. Therefore, the Federal Reserve is responsible for our safety."My opponent uses the federal reserve as source for much of his arguments."Of course, if one wants to find out how one uses their bank account, do you go to a physician and ask? No, you go to where your bank account is located and ask your bank how it functions. It is illegal for them to tell you things they do not do or offer, that is called fraud. Therefore, the Federal Reserve would be the most valid source since they are bound by tort law to be honest otherwise have the potential of losing their bank charter and people will be held liable to be sent to jail due to fraud."There is no evidence that the FED prevents runs on banks, ie the Great Depression of the 1930s."Yes, there is evidence, since the Great Depression, there has yet to be any major run-ons considering there has been multiple recessions since that time. If there had not been any Federal Reserve during the recessions in the 20th century the banks would of been insecure. Then the economy would of suffered."My opponent says they protect the public and I say they protect themselves with our money. The Post Office officially is a monopoly, yet its monopoly status has been eroded over the last four decades. It has been almost entirely replaced over the last two decades. While critics of the postal monopoly had for decades tried to get Congress to revoke the Post Office"s monopoly, all attempts failed. They were associated with the fringe. Yet, year by year, the Post Office fell behind. It is almost irrelevant in American life today. This was not planned by any political group. It was the result of new technologies."That is a weak analogy fallacy[4]. The US Postal Service does not effect the whole American economy. Nor does it help dictate the policies of said economy.[4]http://www.logicallyfallacious.com..." The powers that be who run this country do so by means of the Federal Reserve System more than by any other semi-private institution. It is at the center of control, because the monetary system is at the center of the economy."The powers that be? This seems to be an imagined group. Who would this include?"We will be much better off as a society if we get rid of the Federal Reserve before it gets rid of us."Another fallacy, an appeal to fear[5].[5]http://www.logicallyfallacious.com..."We don't need a group of wealthy families to control our economic system."Pro has yet to show evidence of how wealthy families control the Federal Reserve. I have shown evidence to the contrary how the public officials are responsible for appointments to the major positions of power in the Federal Reserve.