Should the FED be Abolished?

NoIWontTouchItprint all it wants

The Fed cannot and does not create, print or issue currency. What it can do is indirectly pull or push on the money supply through OMO, the discount window and reserve requirements. For the better part of the past 30 years, even this has only been done with the primary intention of checking inflation. Policy centered on an interest rate target hasn't been exercised since Volcker's reign.

NoIWontTouchItThe Fed should be audited regularly and have an oversight committee, independent of political meanderings, oversee what it is doing. No more independent Fed that can pump up equity prices, print all it wants, and "lend" to whom so ever it chooses.

You're going to need to go back to your Economics text book or at minimal review this for your first claim: http://www.federalreserve.gov/monetarypolicy/bst_oversight.htm

Secondly, Ovechkin is right-the Fed doesn't print any money at all.