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My understanding is that the Federal Reserve is a private agency controlled by individual banks through the Board. This Board is pretty secret, and is not a government agency.
So we have 'privatized' an essential part of our monetary controls. Whatever President Roosevelt might have thought about how it would 'remove' business control, I think it acts in favor of business.
Recent example is the lowering of credit costs to help the banks through the sub-prime losses. Also it's lack of oversight of the mortgage industry, as it was run by a disciple of Ayn Rand, an extremist capitalist, who believe con artists have a legitimate place in capitalism.
So Ron Paul calling for it's abolition is 'close' but no cigar. We need a board controlled by the legislature of the country, or better yet, by the 'interest' holders - the consumers and workers.
