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Re: “How silly are the End the Fed signs at Occupy Kansas City?”
In theory, responsible use and control of the fiat currency could work. However, the key word being responsible, the power of the Federal Reserves lends itself to creating irresponsibility. This leads to waste and trying to solve problems with liquidity.
Imagine the economy is a bucket of water. If the bucket some how gets a hole in it, one could continue filling it with water, but the water would just keep leaking out. You can only do this for so long until the whole room is flooded and the walls collapse.
Another alternative is to create a patch (some new law, regulation, or financial instrument) to cover the hole. A patch is only a temporary fix, and eventually its effectiveness will break down. And if the bucket is just cheap and of bad quality, then eventually one would end up with less of a bucket and more of an necessarily complicated lump of leaky patches.
The best option, but often most difficult is to just get a better bucket.
If we remove the power to keep running the faucet and make patches, then we would be forced to face the consequences of our broken bucket. Facing the consequences now rather than latter would force us to look at this broken thing and consider the option that maybe this bucket is just shit and we need a better one. If we just hide in our narrow minded view that our bucket is still a high quality product, we are just delaying the day we get a new one and putting ourselves through misery for a longer time.
If we get rid of the fed, we are forced to fix the fundamental structure of our society rather than throw money at it and hope it doesn't collapse. With power comes greed and irresponsibility, at least in our present culture.