The establishment of the Federal Reserve in 1913 has never created any benefit.
Instead, it only facilitated increased leverage in the banking system which finally led to its bankruptcy in 1933.
Contrary to its initial promises, it has destroyed the value of the Dollar and pledges to continue to do so.
The Fed is not a creation of the free market, but instead is an instrument of central planning.
As the current bankruptcy* shows, even though Greenspan and now Bernanke manage to sound very educated, they clearly don't know what they're doing.
To get rid of the Fed is not only "practical", it's imperative.
This doesn't require an act of Congress: All it requires is to let people decide what they want to use for money, what they want to denominate their contracts in.
If competition becomes legal, the Fed will wither away on its own.
*bankruptcy: a)default by not being able to pay creditors as payments become due and only paying a fraction of claims.
This was done in 1933 when creditors were offered only 0.03 ounce of gold instead of the 0.05 ounces that were promised before.(not to mention that US persons had their gold confiscated altogether!)
b)default by not being able to pay creditors as payments become due and instead printing up the needed funds (counterfeiting).
This is the route taken now, as it has been done since 1971.
As the current bankruptcy* shows, even though Greenspan and now Bernanke manage to sound very educated, they clearly don't know what they're doing.
To get rid of the Fed is not only "practical", it's imperative.
This doesn't require an act of Congress: All it requires is to let people decide what they want to use for money, what they want to denominate their contracts in.
If competition becomes legal, the Fed will wither away on its own.
This was done in 1933 when creditors were offered only 0.03 ounce of gold instead of the 0.05 ounces that were promised before.(not to mention that US persons had their gold confiscated altogether!)
b)default by not being able to pay creditors as payments become due and instead printing up the needed funds (counterfeiting).
This is the route taken now, as it has been done since 1971.