Four Things Occupy Wall Street Should Know About the Federal Reserve

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http://www.alternet.org/occupywallst/152810/four_things_occupy_wall_street_should_know_about_the_federal_reserve/

October 20, 2011 |


The Federal Reserve is ripe for critique. In fact, the Federal Reserve is a system in desperate need of reform. Occupy Wall Street seems perfectly positioned to apply the pressure needed to mend this hugely important, but little understood institution. Unfortunately, the movement is home to a more reactionary strain of monetary policy analysis too.

In Philadelphia, the first edition of the Occupy Philadelphia Inquirer had “End The Fed, End The Wars” displayed prominently on its front page (“Forget Wall St. as a whole...End the Fed....End the economic slavery”). Several similarly exasperating videos posted to the Facebook page were met with approving comments, while the Occupy Philly website was briefly dominated by a Federal Reserve-bashing activist.

Many people involved with Occupy Wall Street and its spin-offs would denounce such posturing, and rightly so. This variety of fed-bashing is espoused by Ron Paul, a Republican candidate for president who wants to “Abolish the Welfare State,” repeal Roe v. Wade, scrap the EPA, and end most forms of taxation. Most importantly, eliminating the Federal Reserve, adopting the gold standard and having a tight monetary policy are directly opposed to the occupiers’ key goals: reducing unemployment, easing debt and stemming the foreclosure flood.

[Electric Monk]

1. 1. “Ending the Fed” is a Terrible Idea

4. Don’t End the Fed, Make it Accountable to the Needs of the 99 Percent

The Federal Reserve needs a wakeup call. Perhaps an Occupy Wall Street-shaped wakeup call. Instead of waving nonsensical “End the Fed” signs and aping the talking points of a reactionary Republican, occupiers should demand that the Fed be made more democratically accountable and that policymakers seriously execute its dual mandate to maintain stable prices and full employment.

more at the link


Interesting article. K&R

[rhett o rick]

2. What would it take to "fix the Fed"? nm