Case Against the Fed and Fractional Reserve Lending
Mish has a great detailing of why we don't want the Fed and why we don't want fractional reserve lending (it's fraud). Check it out.
Here's something to think about and reply about: Can we the people clean up the system and remove the inherent fraud? How long will it take? Is it worth it?
For me the answers are:
We must. Fraud at these levels creates fraud at every level. Those who don't engage in fraud are considered to be lawbreakers in a system like this.
Quite a while, at least 4-7 years maybe much longer (and possibly never completely). One of the big problems is that the government thrives on the money printing ability. It's against the constitution, but that didn't stop them, and now they no longer care.
It's definetly worth it. The economic growth of the 1800s (and up to 1910) proves it. The growing economic slavery from 1913 to the present also proves its value to us. Our middle class is disappearing before our eyes. I really don't want economic slavery for my children and grandchildren. Do you?