Sounds like we agree that until we change the constitution we will want congress to regulate the value of money.
As for that question of whether the fed is the best way, I asked it first up in post #1. What I say is that we don't want to abolish the fed unless we got some other way we like better. The fact that both you and I are asking suggests that neither of us can think of a better way. Yet.
There will always be markets for money even if it completely black. Thus the idea that anyone can regulate the value is kind of panglossian. The only real question is the mix of market and politics. Just recently the Fed printed up money and gave it to politicians to spend which is pretty dumb. Similarly they printed money and gave it to banks to incentivize the banks to churn mortgages and keep the economy moving that way. That’s all about regulating the value of credit and that’s not in the Constitution.
Some say that that is Congresses job. Then I get flashes of Maxine Waters, Henry Waxman, Barney Frank, Sheila Jackson Lee and so many others. I think I’ll take the “FEDs” agenda over the agenda of 535 miscreants.