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Sources of my knowledge? Several years of graduate studies leading to a Ph.D; reading subsequently books, various research papers and reports for the past twenty years; attending seminars given by professors from various universities; speaking with colleagues; and, doing my own research.

Please belive me when I tell you that the issue of Fed Reserve is so complex that I still do not understand it fully and continue to learn. I too have reservations about some aspects of its functioning, but, on the whole, it appears to be an improvement over the past. If someone thinks we should abandon it, fine. But then I want that person to tell me, abandon for WHAT? What would be a better system? Most people (unfortunately, Ron Paul included) give silly reasons for abandoning the Fed, reasons that raise doubt whether he understands what he talks about.

Financial regulation is very complex, most of us do not understand it fully, and people fear what they don't understand --- that, and not some good reasons, is the source of their frustration.

Then I assume that you read the article.

Does it not intrigue you that it appears in American Banking News?

It is not like it appeared in the Enquirer.

Yes, money and banking is complex.

That is why it is screwed up.

It needs to run on the KISS principle. Mostly, simple non-complex things work better than complex.

And much easier to fix when broken.

Sources of my knowledge? Several years of graduate studies leading to a Ph.D; reading subsequently books, various research papers and reports for the past twenty years; attending seminars given by professors from various universities; speaking with colleagues; and, doing my own research.

Ah, another one of those guys who think that academic paper is a substitute for common sense. Undoubtedly you have never met Joe the plumber and are dismayed that he makes as much or more than you.

Sources of my knowledge? Several years of graduate studies leading to a Ph.D; reading subsequently books, various research papers and reports for the past twenty years; attending seminars given by professors from various universities; speaking with colleagues; and, doing my own research.

Am I supposed to be impressed? IMHO, education from the so called best universities in this country doesn't carry all that much weight anymore. Churning out elitists who think we are all stupid, putting their theory ahead of any sort of common sense has only accelerated our downfall. Harvard? Ha, look at Obama!!!

Financial regulation is very complex, most of us do not understand it fully, and people fear what they don't understand --- that, and not some good reasons, is the source of their frustration.

Oh yes it is so complex that US stupid little Americans better not mess with a draining sink.

After the IRS collects our taxes where does the money go? The Treasury or the Federal Reserve?

But then I want that person to tell me, abandon for WHAT? What would be a better system?

Credit union. Credit is completely mispriced. I get 1% on CD's backed by an insolvent FDIC. I can borrow at a ludicrously low 5% to purchase overpriced real estate, thanks to Fed distortion. Meanwhile a legitimate small business trying to expand has essentially zero access to credit or very high rates. I would love to loan my savings in CD form to a local small business if I could be assured that the Fed won't inflate my money while it is tied up. Without that assurance there's no way that long term capital will be used for anything other than speculation.