It sounds like you favor Ron Paul. I agree that the Fed is a bad idea, but I can't agree with your certainty that it must be 'stripped of any power.' Remember, the Fed came before we left the gold standard, so the power to create fiat money still lies with the Treasury, technically.
Under a gold standard, the Fed can't collude with the Treasury to print money, but the likelihood of that is still pretty low. Without severe reform, the best we can hope for is that the federal budget will actually stop expanding. This is only possible with a Republican president WHO IS ALSO A CONSERVATIVE. I don't hold out hope for the establishment just rolling over in the primary process, but they are weak.
I don't know why you think Cain has no understanding of that fact. He did serve in the Fed, in the belly of the beast. Replacing the Fed is something that must follow other, more basic reforms.
Replacing the Fed would simply be another Fed, and that is nonsense.
Monitary manipulation has to stop.
( and you can keep Paul too; he stinks on foreign policy)