I think it should be abolished Wie. We shouldn't have an entity that can simply print endless amounts of money to our detriment. All of these supposed fail safes are now failing.
So.
I'm guessing Congress is next on the list?
Section 8 - Powers of Congress
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
I don't have a problem with the constitution and the printing of money. I have a problem with congress' extension, fed reserve, printing trillions and trillions to our detriment. Our system is built upon trust and when that fails we're left with nothing.
Congress or the Fed aren't the ones screwing up the economy..
Almost each and every time Congress deregulates..some smart asses in the private sector fill the void with a scheme to make a ton of money. And generally? That winds up screwing things up..and leads to bailouts.
I think it's high time to take the hint.
People are really really greedy.