The Fed is a private organization that makes its own rules. Owners of the 12 Central banks: Rothschild Bank of London Warburg Bank of Hamburg Rothschild Bank of Berlin Lehman Brothers of New York Lazard Brothers of Paris Kuhn Loeb Bank of New York Israel Moses Seif Banks of Italy Goldman, Sachs of New York Warburg Bank of Amsterdam Chase Manhattan Bank of New York I think it's safe to say that the Fed is impossible to do away with. The US Government has granted great powers to them, and the few presidents who have tried to change that status have been assassinated (a coincidence, of course), with the exception of Andrew Jackson. More info on the Fed Unbelievable but true tidbit: the Fed creates money out of thin air. Whenever you borrow from a bank, the bank creates the money -- just as if you went to your basement copy machine and printed it up (with the exception that if you do it, it's called counterfeiting and is a felony) -- then makes a journal entry that is offset by your promissory note. (Study the European Banking System for more info.)
I think it's actually worst than the media potrays it. Compare the average families quality of life in '87 when he joined the fed, with average family life now. No one that I know in the middle class can even think about putting 20% down on a house here in Cali like they could 20 years ago. It use to be much easier to live on one income. The grow in the payday loan business. Now I get to see Gary Coleman advertise "Cash Call" at who knows what interest rate.