The Federal Reserve System is a banking cartel.  It’s not accountable to anyone.  The overlords can’t even be replaced.  The only thing they do is counterfeit money.  They say they want inflation low.  That means they still want prices to rise.  This way the state can benefit as the early receiver of this counterfeited money.  Contrary to propaganda, the quantity of money should never change.

The Fed—all central banks—make it much more difficult on retirees.  Now, they harm nearly everyone, but their actions are especially harmful for retirees.  People work and save their entire lives so they can stop working one day.  However, the money they saved while they were working is worth much less when they retire.  The state has printed away its value.  The money would be more valuable if the quantity never changed.

Money would be worth more over time without the state printing it away.  This has secondary effects.  Money that could’ve been saved now has to be placed into the stock market in an attempt to maintain value.  Rather than the money growing in the bank, the masses hope the money will grow in stocks.  Many of us aren’t professional investors.  The banking cartel forces you into the stock market. 

Just because you see numbers on a screen doesn’t mean you have money in the bank.  Deposit insurance is a fraud.  The money isn’t there.  Say they wanted to live up to the deposit insurance promise.  Well, the money isn’t there so they’d have to print it so it could be withdrawn.  That means extreme inflation.  So, even if they could guarantee the money could be withdrawn, they can’t guarantee the value.

A politburo isn’t needed to manage the money.  All central banks provide an easy source of revenue for the state.  This leads to many problems.  The banking cartel is just harmful.  It doesn’t provide a single benefit to the masses.  Deposit insurance is a complete fraud designed to produce nice feelings.  Central banks are the embodiment of lawlessness.  They claim to bring protection, but they only bring risk.

Reference

Murray Rothbard; The Case Against The Fed