I thought up a very easy way to explain it to you.
Can we agree that in a free market world, private business would and should have the following 3 aspects:
1) Private Ownership?: if the company does poorly, no bailouts. if the company does well, the private owners get to keep the millions
2) Consentual Transactions?: People who want to shop there, or use the good or service can. If not, then they wont.
3) Free Competition?: Anyone who wants to open up a competing company can do so.
So a Communist world would be:
But in an ideal world:
The current Fed:
The problem with the fed isn't that there's a "Yes" in the "is it privatly owned?" slot. It's that there ISNT ALSO a "Yes" in the other two slots.
PRIVATIZE THE FED!! (i.e.: have it privately owned, with consenting customers, with competition.)