Ultimately your disagreement is not due to an inability to understand systems, although such inability would produce similar disagreement.
Yours is due to whatever passion drives your conclusion that the Fed should continue.
Although I could be wrong—maybe you truly don’t understand the structure of systems and which layers are ontologically most fundamental.
What I’m saying here is that the moral foundation is more important to the structural integrity of a system of credits and debits.
This might help you: there is nothing magic about the Federal Reserve in its role as a lender. Lending institutions, including lenders of last resort, can be built up as easily as a child builds a sand castle on the seashore.
“Yours is due to whatever passion drives your conclusion that the Fed should continue.”
It’s called “study” and “knowledge”. I’ve read a bit on the subject... The Theory of Money and Credit (Ludwig von Mises 1912), The Rationale of Central Banking (Vera Smith 1936), A Monetary History of the United States (Milton Friedman & Anna Schwarz 1963), The House of Morgan (Chernow 1990), Money of the Mind (James Grant 1992), Capital and Finance in the Age of the Renaissance (Ehrenberg) . Those are all germane to understanding money and banking in the United States both with and without the Federal Reserve System.
“Although I could be wrong—maybe you truly don’t understand the structure of systems and which layers are ontologically most fundamental.”
You’re wrong.
And I’m surprised that you omitted “epistemologically’ from that sesquipedalian bit of self aggrandizement.
“What I’m saying here is that the moral foundation is more important to the structural integrity of a system of credits and debits.”
I’ve asked you before to give an example of this ‘lack of morality’ that you keep mentioning. You still haven’t done so. The fact that you won’t or cannot come up with an example of what you mean speaks for itself.
“This might help you: there is nothing magic about the Federal Reserve in its role as a lender. Lending institutions, including lenders of last resort, can be built up as easily as a child builds a sand castle on the seashore.”
Well why don’t you describe one then. You could at least demonstrate that you know what you’re talking about by suggesting that we go back to the Lender of Last Resort that existed prior to the Fed.
Of course you’d have to know what Lender was to name it. So what was it?