I don't think someone is a moron if they don't agree with that. The Federal Reserve is a complicated entity, along with monetary policy in general. I don't expect everyone to understand it well enough to have an informed opinion either way.
The Fed could actually serve the people if it conducted monetary policy in a more favorable way, by not intervening in every single fucking thing that happens to the economy. Not guaranteeing Treasury purchases in the seconday market would help potentially reign in government spending as the market demand for bonds decreased and the government was then FORCED to be austere.
Fair enough. We are not going to eliminate the Federal reserve system unless, of course, everything collapses and we go back to bartering with chickens.
You could take away every single regulation on the books, and as long as the Fed still controls monetary policy this is not a free market. So I'm just not sure why your Federal Reserve example in attempting to point out totalitarianism was valid. The Federal Reserve itself is a perfect tool for a totalitarian government that seeks to control everything.
At the end of the day, the Fed controls the value of the dollar, and thereby the state of the economy.
False.