The Fed is now printing ( creating ) more money than the 2008 financial meltdown….hello, is anyone out there?
Even if we assume that the Fed is not a nefarious (which it is), the temptations of being able to create money from nothing are tremendous.
If the Fed is to be reigned in (it is unlikely that we could actually abolish the central banking system), then there needs to be systematic limits on their ability to lend money.
One way to do this would be to eliminate the trade deficit, which creates demand for USD via the balance of payments. This is how the Fed was limited during the Bretton Woods system.