"This is exactly what the Fed Res is doing now, because they have no competition"
Exactly how are the members of the Fed making money for themselves?
"If there were competition, then the liars and cheats would soon be out of business. "
Then either you are flat-out wrong or their is no competition in the United states economy, because we have no shortage of liars and cheats. This is a prime example of what I wrote about in my original post.