A reason the not end the fed

Economics Economics Questions
1

I posted a video on a site with Ron Paul discussing abolishing the federal reserve/IRS, I got a response from someone who said…

“I disagree with abolishing the fed. With our money supply not backed by anything it’s a good idea to have an entity not controlled by politicians to achieve long-term goals. with this power in elected officials hands interest rates would be controlled by people worried about re-election and short-term gain.”

I need some help with a best way to respond to that. Thanks a lot

2

It seems like he isn’t opposing abolishing the fed, but putting monetary policy in the hands of elected officials.

3

But the fed IS controlled by politicians, although they don’t do it directly.

4

This is exactly what is happening in crazy mismanagement of the Venezuelan Central bank, which used to have a certain percentage of independence. It no longer controls oil revenue. Now orders to withdraw funds come directly from our populist ruler and his appointed ministers. Even taxes are paid differently, they were paid before to “National Treasury”, now they must be paid to the “National Treasure”.

Of course, they say we are immune to the global financial crisis because socialism is superior…