Has the Federal Reserve been able to stablize our economy and protect our dollar?

The Federal Reserve System was supposedly created to stabilize our economy. Since its inception, it has presided over the crashes of 1921 and 1929; the Great Depression of 1929-1939; recessions in 1953, 1957, 1969, 1975, and 1981, a stock market “Black Monday” in 1987; our current banking crisis; over 1000% inflation and 98% loss of the dollar’s purchasing power. That incredible loss was transferred to the Federal Government in the form of hidden taxation. The Federal Reserve is the mechanism that has made this possible. After repeated changes in personnel, after operating under both political parties, after experiments in monetary policy, after dozens of revisions to its charter, there has been more than enough time to work out the flaws of the system. The fact is that the Fed’s stated objectives were not its true objectives. Its true objectives were to stop the growing influence of small rival banks, make the money supply more elastic (more plentiful), pool the reserves of the nation’s banks into one large reserve so all banks will be motivated to follow the same loan-to-deposit ratios, and to shift the losses from the owners of the banks to the taxpayers.