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Socialism would not be possible without the Federal Reserve. Inflation would not be possible without the Federal Reserve or something comparable. Government is not the root of all evil; politicians are. By default, government is corrupt and evil since government is run by politicians.

I would ask precisely how and why you think government can be responsible for the police functions of society when politicians and government are themselves inherently corrupt?

The Constitution does not permit government to control or regulate money beyond its coining function. "Coining" does not include printing. Intrastate banking does not put "The Fed" in the picture at all. How can the US avoid either bankruptcy or hyperinflation as long as "The Fed" has control of our money and credit?

If you believe the answer is anything other than we can't, you are mistaken. And if you believe that it is not going to happen before the middle of the next decade, you have not read the Gokhale-Smetters Report.

Assuming we are stuck with fiat money, the question is whether the money supply should be manipulated in response to market conditions, or economic conditions, or not at all. I believe bubbles should be left alone and downturns should not be papered over with more money. I believe in unemployment "insurance" as a government controlled rainy day fund, but not much more than that.

The Federal Reserve is an interesting institution. If I understand it correctly, it decides how much money to print, where it goes and sets interest rates. This appears to me to be massive central control of the money, sort of like the how the former Soviet Union operated in controlling how many houses were built, the number of cars, manufacturing size 12 shoes in March and size 11 in April.

It all looks so....soviet.

I wonder how Americans would feel if we had a Federal Bread Board. It would decide how many loaves would be baked each day, whole wheat, white or rye and where it would be distributed and at what price.

Well, what do I know other than those fiat notes in my pocket buy less and less each year.