Abolishing the Federal Reserve System might seem like a drastic idea, but not when you get the full story…
You see, Congress created the U.S. Federal Reserve System to restore public confidence, provide the banking system a source of liquidity that would prevent its collapse and protect the public against inflation.
A century later, the banking system is so big its risks dwarf the Fed's liquidity capacity, and what cost a buck back then now will set you back $21.
That's why we asked Money Morning Chief Investment Strategist Keith Fitz-Gerald to explain how the Federal Reserve System actually helps a country's economy.
Most importantly, we wanted to know if the United States – or any country – even needs the Fed anymore.
Just listen to Fitz-Gerald's answer in the following interview.
For more on the U.S. Federal Reserve System, check out 5 Things the Federal Reserve Hopes You'll Never Find Out.