 Instead of protecting the people, Paul contends that the Fed now serves as a cartel where "the name of the game is bailout"—or otherwise known as privatized profits but socialized losses.Paul also draws on what he argues are historical links between the creation of central banks and war, explaining how inflation and devaluations have been used as war financing tools in the past by many governments from monarchies to democracies.Surveys of economists show overwhelming opposition to abolishing the Federal Reserve or undermining its independence.