Antiquated to the point it is detrimental to the purpose for which it was created,
Imagine a time when every financial transaction had to be recorded by hand. Armies of bookkeepers and accountants using paper and pencil were needed to be able to identify the most general of snapshot of the current state of the economy. Errors, if ever found, were written off because it was near impossible to find the needle in the haystack.
We needed banks JUST to lend to banks and that was not even close to being adequate.
With little clue about the overall economy, the Federal Reserve banks set interest rates and money supply policy. The current average business man knows far more about the overall economy now than the Federal Reserve did for decades after it's creation. Those decisions were far more guess than logic.
Then the computer..super computers and the internet came to be. And everything has changed.
Money supply can now be regulated real time. Interest Rates can be lowered in depressed regions..down to neighborhood banks to stimulate the local economy. Interest rates raised to slow an overheating micro or macro economy.
Interest rates could be lowered and money supply increased in new and developing industries, Green industries and research could find reasonable funding delivering the future economy.
New businesses, entrepreneurs, inventors and adventure capitalists could have a new money supply and reasonable interest rates to put an economy into overdrive.
The interest rate and money supply could be adjusted per loan application through local banks identifying industry, location etc. Easier for the banks and faster for the customer; optimal for our Nation.
One super-computer handling all the transactions with one optimal program interfacing to all banks. Real time optimal money supply. Real time optimal interest rates by location and industry. Maximize the country's potential from sea to shining sea.
A government ATM network country wide for banks.
Safe-guards and monitors to send red flags to the FBI, SEC, FDIC etc.
No Federal Reserve to decide who wins or loses. No Federal Reserve meetings to decide the future of money supply and interest rates. No pyramid interest rates for banks with the top tier paying 0% interest. No mega-banks holding the country's economy hostage no local bank holding you hostage.
All banks would be treated equally.
Put the computerized Federal Reserve in the Treasury and make it completely transparent. Serious jail time if you try to game it, a million dollars if you improve the program.
The Federal Reserve is antiquated to the point it is a liability to our Country.
A democratic money supply for the whole nation, settle for nothing less.