I hope you all get a chance to read the Cato Institute's stance on monetary policy. In general, my understanding is that if they believe the Federal Reserve should continue to exist, at least it should end the dual mandate of not only keeping stable prices but also being responsible for high employment levels, which, as they state in their policy handbook, is outside the realm of what is really achievable. Instead, the Fed's only policy should be a stable prices, with a long term goal of 0% inflation.

This is possibly the most important debate when it comes to our economic freedoms, because if inflation is not foreseen, that is, monetary policy is subjectively manipulated by central bankers, then it is inevitably becomes a hidden tax on all of us. 

Milton Friedman always talked about a set increase in the amount of money each year. In this way, the economy would be allowed to expand and at the same time inflation was anticipated. Otherwise END THE FED.