Libertarian Wall Street Protesters Demand End to the Fed
by George Washington
Ron Paul says that the Wall Street protests are legitimate, and that they are really protesting against the Federal Reserve.
One of the protest organizers tells me that a large proportion of the protesters are Ron Paul supporters. Most of them believe that ending the Federal Reserve is the most important step to restore our country’s prosperity. See this and this.
Remember, even the Wall Street Journal has called for the Fed to be broken up.
As I have extensively documented, the Fed is largely responsible for the economic crisis, and has failed to meet a single one of its stated mandates (let alone its implied ones).
The Fed has been enabler-in-chief for the corruption rampant on Wall Street.
And as I noted Tuesday:
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. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic — this is the key political argument against an independent central bank…
To paraphrase Clemenceau, money is much too serious a matter to be left to the central bankers.