I think there's a lot of historical ignorance driving these current sentiments. The US dollar predates the Fed, so obviously the Fed is not necessary to have dollars.

People are told the Fed is necessary and they have Stockholm Syndrome, so they freak out when it's challenged.

Undisciplined

econ

Would Ending the Fed Cause a Depression?

I think it will be the band-aid-off moment like we are seeing in Argentina. Alot of people hold a large amount of savings in USD, and also have alot of collectibles in the fiat currency (coinage, bills and such). 

I think people would also be pretty upset because everything they ever knew including their world view is being changed. 

It will take alot of adjustment for many. 