“Perhaps it’s time to scrap it altogether.”
I’ve thought that way for awhile. I don’t like the fact that our money supply is controlled by an unelected, unaccountable entity that is clearly beholden to the economic interests of a few. Much as I don’t like the current crop of politicians, I would prefer that the Fed be under direct political control.
A better alternative would be to base our money supply on something tangible, but I just don’t see that happening unless it’s done privately.
We did. Constitutionally, the dollar was based on silver & gold. Then Nixon decided to steal a lotta billions of dollars in gold/silver by "going off the gold standard" - to wit: the IOU dollars were disowned. The worth-the-paper-it's-printed-on dollar has been collapsing ever since.