>No, it is a means of wealth transfer to the government without raising taxes. Where does the trillions in deficit spending come from? Inflation!

Saving creates a hole in the economy, the trillions of deficit spending are a very stupid way of filling that hole. It works better than doing nothing which is why we do it.

>The notion that it is for monetary stability is also propaganda. Milton Friedman in "Monetary History" showed that instability increased after the creation of the Fed.

Uh, that is a property of capitalism. It's great at first when debts are low then it gets worse and worse.