Short-sighted, misinformed, and pathetically ignorant. I agree that Banks need to be regulated a lot more than they currently are in America, but this article is shit for more than a few reasons:
1) "Theoretically, one day that U.S. government could simply decide to print as many U.S. dollars as it wants and pay off all government debts," then enter into a state of hyper-inflation that would kill America and every nation dependent on it's economy. Anyone with a basic understanding of macroeconomics knows better than to suggest such a thing.
2) "The Federal Reserve creates money out of thin air" This is how all central banks work. This is how a Central Bank controls the money supply. The writer doesn't even specify why this is a bad thing. The writer also seems ignorant to the fact that money doesn't exist in the first place. Look up fiat money for gods sake.
3) "Since the Federal Reserve was created in 1913, the U.S. dollar has lost 96 percent of its purchasing power." Inflation is not as bad as the public thinks it is. In fact, most economists agree that a 2% inflation rate is preferable to 0% because of it's market clearing properties. While the public focuses on price inflation they hardly pay any attention to wage inflation. Your real wage (wage adjusted for inflation) has not changed for a while.
4) "The Federal Reserve manipulates the U.S. economy by setting national interest rates" This is one of the main purposes of a Central Bank. Manipulating the interest rate is a means of government intervention in the market. This is the governments attempt at preventing bubbles and spurring economic activity when appropriate.
5 ) "The Federal Reserve also controls the national money supply" The other main reason for a Central Bank. Not only does some money need to be replaced (Bills are destroyed from time-to-time) but an increase in the money supply raises aggregate demand, which is what is needed when a country goes into recession. What is not mentioned here is that Central Banks also take money out of the economy as a means of controlling inflation.
6) "The Federal Reserve is not part of the U.S. government." Almost all Central Banks are not apart of their respective governments because of the fear that a government would be pressured into printing money to pay off it's debt (mentioned in an earlier point).
7) "Federal Reserve Chairman Ben Bernanke wants to completely eliminate minimum reserve requirements for banks." Canada (where I am from) does not have minimum reserve requirements for banks. We did not suffer a banking meltdown like America. Bankers (even American bankers) are smart enough to know that they need to keep a minimum reserve fund. It would be like a retail store never having any stock in the back room.
Again, this is one of the worst articles I have ever seen on Economics. I agree that there needs to be more regulations placed on financial markets, but using garbage arguments like this will never get us there.