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What if the FR was controlled by Congress and wasn't allowed to make profit - i.e. it ceases to be a bank and instead is responsible solely for controlling the amount of money in circulation.

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Come ON, man.

Think about this logically. If the FR a government-run program, it will serve the needs of the government. You can say you want the FR to "not be allowed" to make any more money, but for something to "not be allowed" to do something, there has to be something stopping it. What would be stopping it in this case?

Congress. The very same thing that is controlling what it does.

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hmmm...

I'm proposing the the FR is made into an institution that is responsible for printing/control of US currency - nothing else - it's presently a privately owned corporate bank.

Perhaps getting Congress to do the controlling is a bad idea - but then who do you suggest does the controlling??

I think it needs to be controlled by the people.

My argument here is that whoever controls the money that a nations economy is based upon effectively controls that country and it's better for that control to rest with the people than some small group of people that own/run the bank.

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Are depressions caused solely by inflation? - goods/services will always cost as much as the market will pay - so how can you get rid of inflation?

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You're one of those other "libertarians," aren't you?

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I'm a confused libertarian now if that's what you mean.

As I see it there are 2 types of inflation - prices go up naturally over time - type1 - and increases in prices caused by the currency losing value - type2.

In a free market it's nigh on impossible to stop type1 inflation - it's much easier to control type2.