Shouldn't we elect the Federal Reserve as President of the US of Amerika, thus dumping Obama as a middleman?

No, this would not be possible, since he could not be the Fed Chairman at the same time as being President of US. He would have to quit his job first.

America has more to it than just the almighty dollar, and of course your question is meant to be rhetorical. The Federal Reserve is a central banking system, and not a person. President Obama is NOT, as you suggest, a "middleman" in the truest sense of the word, although he does function as an intermediary or "ozone layer" at times between the GREED of major corporations or the fanaticism of the far-right-wing elements that control modern-day Republicans and the American people.

The Fed Chairman sets insurance rates to guard against either deflation or inflation, but he does consult on a regular basis with the White House and, I assume, with the Budget Committee members in House and Senate as well to establish clear goals and work out strategies for keeping the U.S. economy strong and growing. This is a NARROW focus that would not qualify the person at the helm, in this case Ben Bernanke, to be President and deal with the MULTIPLE and MULTI-LAYERED duties of the presidency. See JibJab for a brief summary of what was facing President Obama when he was sworn into office and you might get an inkling of what is needed to be an American president after GOP's devastating policies have nearly brought the nation to ruin.