the idea of money is crazy

[bu villain]

so by your guys logic, FED created in 1913, was supposed to stop run on banks, and panics. Since then we have had

Great Depression
Great Recession 2008
.COM Bubble 1998-00
Bush SR. Recession of early 90s
Reagan Recession
Carter Recession, 20% Inflation

AND 20 OTHER RECESSIONS. Wow, theyve been doing a GREAT job.

No the Fed can't stop panics, runs on banks, recessions, booms, or busts. They can only lessen the pain and severity of them.

You need to look at Quantitative Easing, currency manipulation. The FED has caused the stagnate environment we are in now, by propping up banks and businesses (under Bush and Obamas blessing). The FED was enacted to prevent crashes, it doesnt stop them, and whats worse, they hinder the recovery. The FED has kept interest rates far below market norms........why?

I will not defend every move the Fed has made because everyone agrees they make mistakes, including the Fed chairs. But having a Fed is better than the alternative. I actually think keeping the interests rates low was necessary. Before 2008, the banks were lending too freely. After the crash they weren't lending hardly at all. The artificially low interest rates have unfroze the credit markets so that we are no getting closer to a reasonable place. We're not there yet of course.

The FED creates the booms and busts, because they control our monetary policy. We were FAR better off before the FED, we would be FAR better off without a central monetary dictator. Interest RATES HAVE TO GO HIGHER

No, they don't create booms and busts. Those are an inherent part of capitalism and we had more severe ones before the Fed was created. I agree interest rates have to go higher and there is nothing the Fed can't stop that even if it wanted to. We already see it happening even though the Fed says it won't change its QE policy until unemployment is down to 6%. I guarantee that a year from now, interest rates will be higher than they are today even if there is a QE3.