(October 4, 2011) The "Occupy Wall Street" protesters have targeted the Federal Reserve as one of their central platforms.
The "Occupy San Francisco" branch of the protests is taking place – not in the Financial District, where the big banks are located – but in front of the San Francisco Federal Reserve bank.
High-Level Economists, Congressmen and Many Americans Want to End the Fed
This is not as radical and controversial as it might appear at first blush.
High-level economists support the Occupy Wall Street protests. And some very well-known economists also support ending the Fed.
For example, Milton Friedman said:
This evidence persuades me that at least a third of the price rise during and just after World War I is attributable to the establishment of the Federal Reserve System… and that the severity of each of the major contractions — 1920-1, 1929-33 and 1937-8 is directly attributable to acts of commission and omission by the Reserve authorities…
Any system which gives so much power and so much discretion to a few men, [so] that mistakes — excusable or not — can have such far reaching effects, is a bad system.