I personally think God every day there is a Federal Reserve Bank. I really couldn't imagine the financial system in this country without the discount rate and an organization to regulate the money supply. That kind of decentralization scares the **** out of me, especially because the combined decisions of that cluster **** of a banking sector would assume those powers. And I'd bet the biggest private banks would form some kind of jointly run organization similar to the Fed anyway to provide them with that stability the Fed offers.
Also without the Fed the US would be unable to negotiate with foreign gov'ts on how to solve international economic and financial problems, like the current one, because we'd given up control of our money supply to the private markets. Our banking system and the banking systems of the world wouldn't act together as well as they do without a central bank.
And without the Fed the gov't would lose its ability to loan to private investors and companies, any time the gov't wanted to inject cash into the system it would have to purchase something and there would be no tool to decrease the money supply.
I love the Fed and I love Ben Bernanke.
She looks too "long Island" for the Good Reverend.
Matthew 10:34Think not that I am come to send peace on earth: I came not to send peace, but a sword.