This is a meme you often here from anarchists, and Austrian Economists, and... like anyone who actually knows what the FED is.
However, this statement misses the point, the mark, the reality of the situation.
It is similar to Mary saying, "Let them eat cake".
To which the hungry revolutionaries outside said, "Let her eat blade".
The problem is the system, not the people at head of the system.
The system existed before the members formed the FED and paid the President of the United States off to get it legalized. All these people did was make the system more centralized and more all encompassing.
The FED is not the problem
The FED is just the latest outgrowth of the problem.
This meme is often shouted about... but, i believe that Ron Paul, if often championed this, was doing so to bring people attention to the FED. And then, maybe they would ask, what is the FED?
However, if we audited the FED, we would find not a number out of place, not a law even remotely violated.
Although what they are doing is completely immoral.
Fractional reserve lending is an abomination, but it is not the root problem of money.
It is a shell game, and as long as all the cups aren't turned over, it continues on.
Fractional reserve lending allows lenders (banks in specific) to lend much more money than they have on hand. It allows more money to flow through the economy getting things done.
Of course its all funny money, and causes inflation, but it does grease the wheels.
If you do not use fractional reserve lending you end up with cases like in Its a Wonderful Life where the bank closes so everyone comes to Bailey's savings and loan wanting some money. But, there money isn't there. It is lent out to other people who bought homes and such.
One of the real issues is interest on loans.
We accept this as normal. When people lend out money, of course they should receive more for taking the risk. However, any interest on borrowed money is unpayable.
An example is, if i lent you $10, and there was no other money, you couldn't ever get $10.01 let alone $11.00 to pay me back. If it doesn't exist, it doesn't exist. It only seems to work on a micro scale, where each person seems to be able to make more money. But, collectively, this system ends with the slowest runner being unable to pay their loan.
This will be one of the hardest pieces to convince people of, because we are just so accepting of paying interest for a loan.
And i can name many other problems with money, but they can never be solved in the current structure.
The only way to fix the system is to change the structure.
Who cares about the FED. It is part of the old structure, and if we change that, then everything will change. The old FED will be gone. (of course there may be a new FED, that does almost the same thing, but slightly different. That difference being the difference between a good system and an evil system)
Fortunately, we have a system ending technology right in front of us.
Crypto-currencies.
A technological advancement that eliminates the shell games and counterfeiting.
Now all we have to do is choose to use good crypto-currencies no matter what the govern-cements say, no matter what the pundits say. The power is in our hand.
To move from a definitely broken structure to a much better structure.
(and if you haven't recognized it, this isn't the end-all for making money better, this is only the beginning)
