IMO, the fundamental problem is one that affects both proponents and opponents of the Fed. Both give the Federal Reserve way too much power. Both think it has way too much influence. As a result, in a perverse way, the Federal Reserve does have some influence because everyone thinks that when it does something, there will be heavy consequences. But over time, once it shows that the Fed really has little power, the market tends to normalize.
Plan for eliminating the national debt in 10-20 years:
Specific cuts; defense spending: http://rolexian.wordpress.com/2011/01/03/more-detailed-look-a