There may be 6 reasons to abolish the Fed but there are 16 steps to take before rescinding the 100 year old Federal Reserve System act of 1913 1. Jeffrey A. Tucker is Editorial Director for the American Institute for Economic Research. Thus, the Federal Reserve should be abolished due to immorality of its mission and results. Here in the United States, the federal estate tax is again at issue, as is often the case. One of the positions of Republican presidential candidate Ron Paul that mainstream pundits find “wacky” is his call to abolish the Federal Reserve System. The Federal Reserve System makes no sense. The Federal Reserve Board is the most gigantic financial power in all the world. Chaos ! The Federal Reserve is not the benevolent entity that most Americans think it is. The quantity of the currency should never be changed once established on the market. The idea is that each state should have a say in constitutional affairs but realistically day to day stuff (regulation, managing money, etc, etc) should not be prevented because senators from a couple small states decide to hold out for a couple extra perks. They have not brought stability, they have destabilized while hand picking winners and losers. The most obvious one is to simply stop using the Federal Reserve to inflate the currency. It has no Constitutional reference point, and it arose, by statute in 1913, at the behest of a … Instead of using this great power as the Federal Reserve Act intended that it should, the board . Absolutely - besides being entirely UnConstitutional, they have manipulated and manufactured recessions and depressions to keep the status quo. The bill calls for a full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve Banks by the Comptroller General. The following are 11 reasons why the Federal Reserve should be abolished… #1 The Greatest Period Of Economic Growth In The History Of The United States Happened When There Was No Central Bank Did you know that the greatest period of economic growth in U.S. history was between the Civil War and 1913? The Federal Reserve causes inflation; The Federal Reserve causes inflation which has a negative effect on the economy because it dilutes the value of the dollar and creates higher prices. ... they would be screaming for it to be abolished … Our hard-earned money is essentially stolen through a hidden inflation tax. The Federal Reserve Hurts the Poor and Middle Class the Most . Ask your representative, in light of that information, how it is possible for the Federal Reserve Act of 1913, and the Federal Reserve Bank that it created, to be constitutional. The other seeks to completely abolish the Internal Revenue Service. He is the author of many thousands of articles in the scholarly and popular press and eight books in 5 languages, most recently The Market Loves You.He is also the editor of The Best of Mises.He speaks widely on topics of economics, technology, social philosophy, and culture. Why Not Abolish the Fed? The Federal Reserve lacks in a strict sense a governmental mandate. Mr. Friedman stated he would be in favor of abolishing the Federal Reserve and have the money rather controlled by a computer that would supply a stable rate of monetary growth that would eliminate the uncertainty that these short-term movements introduce. Inflation has no social benefit. She is the founder of Money Strong and the author of Fed Up: An Insider's Take on Why the Federal Reserve … Since the Federal Reserve came into existence in 1913, the dollar has lost over 95 percent of its value. Hurt the economy and increase wealth disparity, while holding too much power over finances other to. 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