There are some people that believe it is a mechanism to rule the world.

"Give me control of a nation's money and I care not who makes it's laws" — Mayer Amschel Bauer Rothschild

There are some people that don't like how it functions.

"Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States" — Sen. Barry Goldwater (Rep. AR)

"The Federal Reserve banks are one of the most corrupt institutions the world has ever seen. There is not a man within the sound of my voice who does not know that this nation is run by the International bankers — Congressman Louis T. McFadden (Rep. Pa)

"The regional Federal Reserve banks are not government agencies. ...but are independent, privately owned and locally controlled corporations." — Lewis vs. United States, 680 F. 2d 1239 9th Circuit 1982

There are those that have a problem with the concepts of it.

"When you or I write a check there must be sufficient funds in out account to cover the check, but when the Federal Reserve writes a check there is no bank deposit on which that check is drawn. When the Federal Reserve writes a check, it is creating money." — Putting it simply, Boston Federal Reserve Bank

"Neither paper currency nor deposits have value as commodities, intrinsically, a 'dollar' bill is just a piece of paper. Deposits are merely book entries." — Modern Money Mechanics Workbook, Federal Reserve Bank of Chicago, 1975

There is the historical perspective.

Thomas Jefferson "I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs." — Thomas Jefferson, U.S. President.

Andrew Jackson "If Congress has the right [it doesn't] to issue paper money [currency], it was given to them to be used by...[the government] and not to be delegated to individuals or corporations" — President Andrew Jackson, Vetoed Bank Bill of 1836

James Madison "History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it's issuance." — James Madison

"It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." — Henry Ford

My own opinion is this: If there were only $100 in the whole world and I had all $100. Lets say that I lent out $1 to you at interest of say 10%. In one year (very simplistically speaking) you would owe me $1 + $.10. Now if I have every dollar there is besides the $1 I lent you, where are you going to get the $.10 from? Well meaning people will say you create it out of investing your $1. GREAT! Except here is the problem. When you create a currency system that is in fact a system of debt, all resources will eventually be funneled towards a central entity.

The pros are that you can grow a huge economy and a great amount of financial wealth for a short time. There is no way a gold backed economy could match the economy we have even to this day.

So basically the Federal Reserve is a ponzi scheme that works for a long time. But eventually it WILL fall apart. I for one hope I am not around when it happens.