The article also notes that the Fed was created by Congress, and can be dismantled by Congress. Since the Constitution gives Congress broad powers over commerce and the monetary system, I'd say that makes it constitutional. The Treasury was also created by Congress, but I never see anyone complaining about that.
The article also whines that much money creation is done by the loan process of private banks. So what? That's the way it happened before the Fed was created. Some banks even used their own currency. If anything, the creation of the Fed put money creation more under the direction of the federal government.
There is no influence on the future of our society more insidious than the existence of a debt based currency. When the monopoly of currency creation is turned over to a private, elite group of business, in whose expertise we all depend upon, it should be no surprise when their actions tend to benefit their own interests at the expense of the people at large. Debt and inflation benefit the INVESTOR class, the owners, and hurt the rest of us. See quote:
Robert H. Hemphill, Credit Manager of the Federal Reserve Bank of Atlanta Georgia, said:
“This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the banks create ample synthetic money, we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defect remedied very soon.”