[Right_Wing_Madman]

Eliminate the Fed and you will have a financial apocalypse that makes 1929 look like a picnic.

So why didn't the Fed prevent the biggest crash of them all? The one in 1929? Milton Friedman wrote a whole book on this topic and concluded the Fed's prescription actually made the Great Depression worse.

The Federal Reserve was actually abolished in 1937-1952 and the US Treasury regulated the nation's currency. The problem with this arrangement is that it made the executive branch too powerful (FDR loved it!).

This is the issue with eliminating the Fed: monetary policy would have to transfer to either the President or Congress. Congress would control BOTH fiscal and monetary policy or the President has money printing capabilities. Both solutions are unsatisfactory.

[Chad C. Mulligan]

This is the issue with eliminating the Fed: monetary policy would have to transfer to either the President or Congress. Congress would control BOTH fiscal and monetary policy or the President has money printing capabilities. Both solutions are unsatisfactory.

To paraphrase Churchill: A central bank regulated currency is a terrible system, but all the alternatives are even worse".