Second Wave of Protests Unleashed: Targets the Federal Reserve

Wall Street Protesters Target the Federal Reserve

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. 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.

Austrian economists such as Murray Rothbard also would like to end the Fed:

Given this dismal monetary and banking situation, given a 39:1 pyramiding of checkable deposits and currency on top of gold, given a Fed unchecked and out of control, given a world of fiat moneys, how can we possibly return to a sound noninflationary market money? The objectives, after the discussion in this work, should be clear: (a) to return to a gold standard, a commodity standard unhampered by government intervention; (b) to abolish the Federal Reserve System and return to a system of free and competitive banking; (c) to separate the government from money; and (d) either to enforce 100 percent reserve banking on the commercial banks, or at least to arrive at a system where any bank, at the slightest hint of nonpayment of its demand liabilities, is forced quickly into bankruptcy and liquidation. While the outlawing of fractional reserve as fraud would be preferable if it could be enforced, the problems of enforcement, especially where banks can continually innovate in forms of credit, make free banking an attractive alternative.

Congressmen Ron Paul and Dennis Kucinich have introduced bills to abolish the Fed.

And as I noted last week, most Americans want the Fed ended or at least reined in:

At least 75% of the American people want a full audit of the Fed, and most were against reconfirming Bernanke.

Indeed, as Bloomberg noted last December:

A majority of Americans are dissatisfied with the nation’s independent central bank, saying the U.S. Federal Reserve should either be brought under tighter political control or abolished outright, a poll shows.

***

Americans across the political spectrum say the Fed shouldn’t retain its current structure of independence. Asked if the central bank should be more accountable to Congress, left independent or abolished entirely, 39 percent said it should be held more accountable and 16 percent that it should be abolished. Only 37 percent favor the status quo.

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).

Indeed, the Founding Fathers despised the British central bank, and said that the right to create their own credit and currency was one of the core battles in the Revolutionary War.

Jones Launches a Second Wave of Protests

Media personality Alex Jones believes that protesting the Fed is the most important and high-leverage way to change our economic system for the better. Steve Watson – frequent contributor to Jones’ websites – writes today:

In spite of a large number of protesters who are clearly aware of the fact that the greatest threat to the global financial system comes not directly from Wall Street but from the privately owned Federal Reserve cartel, the official “list of specific demands” of the Occupy Wall Street movement makes absolutely no mention of the Fed whatsoever.

So Jones has launched his ow “Occupy the Federal Reserve” movement:

The Occupy Wall Street crowd has become predictably focused on issues like taxing the middle class and moderately “rich,” ending capitalism and even re-electing Obama to ‘fight’ the very elites who pushed him into power. Focus should instead be on the real source of power for the out-of-control bankster class- the private, unaccountable Federal Reserve bank that creates money out of thin air, issues secret loans to insiders and foreign governments and systematically institutes debt on the American people through their undue powers.

With this in mind, Alex Jones is calling on patriots to “occupy” branches of the Federal Reserve, with plans to appear at three locations in Texas this weekend in Dallas, Houston and San Antonio. The times and locations appear below. Further, people everywhere should converge upon Fed locations in their area to raise awareness about the real culprit behind the economic crisis.

Well meaning protesters who have joined the Occupy Wall Street effort, including solidarity activities in cities everywhere, need to be educated about the power held by this insidious institution, as well as the false solutions that have been proposed by leading figures on the left and right that only further expand the scope of big government, all while avoiding the elephant in the room.

Given that Alex Jones has millions of TV viewers and readers, his announcement might result in a dramatic new front in the nationwide protests currently occurring.

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  • http://ralphanomics.blogspot.com/ Ralph Musgrave

    As a UK citizen, I am always baffled by American’s desire to get rid of their central bank, the Fed. I don’t know of any other county where there is significant pressure to dispose of the central bank.

    Granted the performance of the Fed and other central banks has been poor. But if you remove power from the Fed, power flows to politicians: that’s the bunch of corrupt loudmouths, 90% of whom have not got past page one of an introductory economics text book. Do you seriously want the latter lot taking technically difficult economic decisions?

    • http://unspy.info mark

      No, no, no, no. You don’t get it. Let me explain this to you. What you describe as politicians making technically difficult economic decision is NOT what will result from ending the Fed…. actually, what you describe is what we have now! We have central economic planning by “corrupt loudmouths” (as you call them) and THAT is the problem that sound money would correct!

      These “corrupt loudmouths” are elected to represent the people, but do they? No, they represent special interest groups (i.e., banks, corporations, the war machine, etc) and NOT the people. This is ‘THE CAPITALISM’ system we have today, it is NOT free enterprise system that our Founding Father established. The man in this video is calling for us to return to Constitution money, and to END the paper money system used to finance wars. He said that money should be backed by gold and silver. This isn’t just his opinion–it is what our Constitution says. Ron Paul make the same point. We can’t claim to have a Constitutional government if don’t even have Constitutional money.

      Do you get that? This is fundamental!

      With sound money a serious limit would be placed on our military adventures around the world–which I view as a good thing. This also happen to be the main reason the powers that be oppose the idea. Second, people could save money without the hidden inflation tax. Third, banks would be more accountable and therefore more responsible. We have all benefited from the fractional reserve system because the dollar was the reserve currency of the world and we can get away with print it with only the backing of our military. This worked as long as the rest of the world had to convert their money to dollars in order to buy Middle-East oil, but those days are over–America is bankrupt and our Empire is collapsing. It is time for us to return to Constitution money and Constitution government.

      • Nick

        SPOT ON !!!

    • Big Faced Boy

      Ralph, the problem is that the Fed is privately owned, meaning that each year hundreds of millions of dollars of interest repayments, which come mostly from income tax, go straight into the pockets of private individuals. The next problem is that these individuals who own the Fed do not even have to name themselves as stakeholders, though you can guarantee that the names Rothschild, Rockefeller and Morgan are in the unpublished list of stakeholders. These individuals are far wealthier than the likes of those who make it into the Forbes list, yet these people never apper in the Forbes list either. One of the Rothschilds was names in the very first Forbes list but wrote a letter to Forbes telling him never to include him again.

      There is no problem with leaving the issuance of money to organisations outside the political arena but there is a very serious problem with allowing any such organisation to earn profit for unnamed private individuals.

    • Ralph Boone

      UK is as big as one state in America. State’s central bank is UK’s central bank.

    • NATOSUX

      You are Baffled because the American system is designed to be a credit system-based on Banks being run by the people owned by the people and for the people-the same system we had in Australia in which we shall return. To every sovereign nations rights installed once more. People left europe in droves to escape the Tyanny of the Monetary policies and oppression of the british oligarchy. The (FREE) worlds money was tied to gold bullion as it should be, when Kennedy wanted to return to that and end the reserve well we all know, that he never died as his spirit lives on and now its returned to haunt the oppressors! The Reserve bank is neither Federal or a Reserve, it has never published accounts, multinationals control and own the reserve, they own the media and control corrupt polititians like puppets, this is not an isolated insident this is a world wide voice of the people Australia back America 100% and we will be there with you to celebrate the freedom of humanity along with every free sovereign nation on earth.

    • Phil

      The federal reserve is illegal and unconstitutional in every way. It is a private, foreign banking entity. That is regulated by no one. It is above the law of the United States. It must answer to no governmental body. “Give me control of a nation’s money supply, and I care not who makes its laws.” Mayer Amschel Rothschild. The private bank has the ability to print money out of thin air, and charges interest to those it makes loans too. This is highly dangerous, and has been destroying our country, and countries around the world for a long time. Since 1913 in the United States. Putting the control of the currency back into the hands of the government would allow it too be regulated, and wouldn’t allow derivates and inflation/deflation to run rampant.

      When you go to the grocery store, or the gas station, the prices are directly effected by the inflation done by the federal reserve. Yet the wages of the workers are not increased to adjust to this hike in prices. This is economic slavery, as it makes it more and more difficult to survive over time. We need to end this criminal federal reserve. It is the virus of our society and our world.

    • Adam Campbell

      So your saying, stay the course with a corrupt and technically illegal FED because, politicians are also criminals?

      At least there is some chance of holding an elected rep. responsible for their actions. Unfortunately as Greenspan says “The Federal Reserve is an independent agency… and that means basically that there is NO OTHER agency of government which can overrule actions that we take.” He left out that the FED is NOT an Agency of Government at all, but a private corporation with private share holders milking a world economy for their own benefit.

      I’d prefer neither, but I’d take Gov. control before FED control. At least its a first step to wrestling control from financial terrorists.

      PS. Speaking of financial terrorists, if I was you I’d look into why the UK is in such a pickle. You may be using the German Mark in the near future if you’re not careful. Historical irony 101 – Germany couldn’t conquer Europe with war, now its being handed to them on a financial/economic platter.

    • Mat

      The central bank is a private corporation. It’s shareholders are kept secret.
      It is not held accountable by the people of America.

      These people are not held accountable to public elections. At least if the treasury performs poorly the people can vote out the politicians.

      Corruption exists everywhere, why not allow somebody to lose their job over it?

    • ZenShaman

      as a british citizen, i’m sure your understanding of the matter is very limited. we in america fought three wars against british imperialism, only to have them come at us from behind, with their private banking system called the federal reserve, which is owned in large part by the city of london. i respectively hope this clears any misunderstanding you may have of americans, and our reluctance to be ruled by a monarchy, either outright, or by deception in the manner of the federal reserve. thank you.

    • JailBanksters

      The Bank of England, the US Federal Reserve and IMF all spawned from the
      same sperm cell line (Rothchilds). The US Federal Reserve is foreign Bank operating out of London, of which the Bank of England has considerable Influence. Unlike most other Central Banks they are created by the Government but belong to the People. The US Government has to borrow every single dime from the Foreign Bank and has to repay the Foreign Bank + Interest from the Tax Payers. So to pay off the Interest, they have to borrow money from the foreign bank which then incurs more Interest. The debt can NEVER EVER be repayed, it’s brilliant actully. The Federal Reserve does not even print money any more, they just transfer computer bits from one computer to another, they charge the Banks in Wall st almost 0%, the Wall St Banks then charge you anywhere from 10-60% to borrow something that doesn’t exist, and it doesn’t exist until you pay the Bank back. Again, it’s Brilliant.

      • Bev

        References.

        And, just Wow.

        I thought I have the big picture with monetary.org, Dennis Kucinich, Byron Dale, others.

        The correct fix for all of us:

        http://www.monetary.org/




        Dennis Kucinich’s The NEED Act, The National Emergency Employment Defense Act.


        http://kucinich.house.gov/news/email/show.aspx?ID=X7EX6WS6JW7AZSDNJHSVS5UZXM




        Kucinich Proposes Landmark Jobs Plan



        Bill To Put 7 Million Americans Back to Work, Rebuild Infrastructure


        …………

        And, Dennis Kucinich’s NEED Act takes DEBT money creation away from banks and have government create money DEBT FREE to spend on jobs, infrastructure, other needs.

        Senator Sanders needs to sponsor in the Senate, Rep. Kucinich’s NEED Act.

        ………

        http://www.monetary.org/how-the-economists-facilitated-the-crisis-and-how-hr-6550-solves-it/2011/06
        Creating an Interest- and Debt- Free Money System

        MAJOR, HISTORIC PROGRESS BEING MADE

        How the Economists Facilitated the Crisis and How HR 6550* Solves it

        Economist Jamie Galbraith in testimony to the Senate Crime subcommittee on May 4th, 2010:

        False “monetary” beliefs (some call them theories) have misdirected public policy decisions for decades, with devastating effect! Errors of Concept, methodology and factual errors led to disastrous outcomes for our nation and have the potential to gradually take America down into an unprecedented abyss of lawlessness and deprivation. Consider the present insane calls for austerity. Economists have allowed the idea to prevail that a government has to be run the way a shopkeepers runs his store. These times call for greater care and some heroism among economists; and cowardice is no longer tolerable among those who do understand.

        snip

        In our present system most of what we use for money – more accurately purchasing media – comes into existence as an interest bearing debt, when banks make loans. In that sense, most money in our fractional reserve system – is debt. But economists can’t seem to grasp that those rules can and must be changed. Afraid to confront their paymasters, who are benefitting from the injustice, they can’t conceive of practical ways we can use real government issued money for money instead of substituting private debt for it. They ignore previous attempts such as the Chicago Plan of the 1930s; and smear prior periods when such real money was used successfully.

        snip

        Thus, The NEED Act nationalizes the money system, not the banking system. Banking is absolutely not a proper function of government, but providing the nation’s money supply is a key function of government. No one else can do it properly. Talk of nationalizing the banking business really acts like a poison pill to block real reform. Same for talk of the states going into the banking business keeping the fractional reserve system in place, and allowing the banks to continue creating what we use for money! That would reform nothing and actually endorses the fractional reserve system! It is a farcical diversion, misleading some good people away from real monetary reform at the only time reform is possible – during a crisis. All serious Monetary reformers understand that banks can not be allowed to create our money supply.

  • Simon

    Educate yourselves about National Security Presidential Directive/NSPD 51, because Martial Law will definitively be implemented in the United States due to the ongoing social unrest – and most Americans do not have a single clue of what this means.

    • http://unspy.info unSpy

      NSPD-51 is a blueprint for a coup in the guise of plans for “continuity of government” in the event of a national emergency (such as a terrorist attack during an election campaign). Even if you don’t believe, as I don’t, that it will be used as a pretext for canceling the upcoming presidential election and preserving “continuity” of this administration in office….

      That was written by Ron Rosenbaum for Slate.com in Oct 2007 under an article that was titled: “Who Will Rule Us After the Next 9/11?” The subtitle reads: “The reality of NSPD-51 is almost as bad as the paranoia.” — http://goo.gl/LWhiw

      Here is another good quote: “This order has been issued by executive fiat and has not been subjected to any public examination by the other two branches, which have behaved in a supine way that suggests how they’ll behave when comity time arrives…” And he asks this question:

      “What are the contingency plans for holding or postponing a national election in the midst of a traumatic national emergency?”

      Rosenbaum has some history with questions like that. Back in 1972 people were talking about the RAND Corporation being asked to study whether ‘rebellious factions using force or bomb threats would make it unsafe to conduct an election.’ Rosenbaum heard that rumor from a New York City cab driver and investigated. He reported in ‘The Voice’ that the RAND Corp. and the administration denied any such study existed, but then Rosenbaum playfully pointed out that they would surely deny it if it were true. This ‘playful’ comment set off a firestorm of paranoia, so when he wrote his new article in 2007 he was very careful not set-off a similar firestorm–as if such a thing were even possible today (I serious doubt it).

      Now look at the protests going today on Wall-Street. If there was a G. Gordon Liddy type in the Obama white house, might they not propose using these protests as a false-flag for the very purpose? If you know you are going to lose the election, it would be the duty of a loyal White House staffer to propose that alternative solution, would it not? The only question is would Obama run with it or leave that option to the next Wall-Street puppet.

      Let’s be honest here, it only a mater of time until one of these globalist-minded Presidents pulls the trigger and declares a “State of Domestic National Emergency.” Won’t happen you say? Well considering they have motive and opportunity, what is stopping them? As far as I can tell, apart from their Oath of office–nothing.

    • Claudius Stahlkopf

      Considering the state of corruption of the Banksters and their political establischment lackeys you can expect the worth , they will not let’s the bone go out of their mouths like a rabid dodg , will be fight , or more exactly a civil war , the establischment know that , the FEMA concentrations camps proved it , after all when you want clean the toilet , you have to fluch .if a good purge of the system is notdone , the US will perish as a nation , is not in the world history a nation who has lasted with gangsters in the tyler of the ship .
      SO we welcome the revolution for the peace of the entire world

      • MountainHome

        I tend to agree with your comment on FEMA camps being created. Those in the corrupt power knew these times of protest would eventually come as they have done in past history when a country is in turmoil.

        You need to read a recent book out about how a small town in America finally stands up to D.C. (District of Corruption) and ends up starting the 2nd American Revolution. It’s fantastic read for what’s happening across America.
        http://www.booksbyoliver.com

        The OWS will be the counter to the Tea Party group. It’s the usual for dictators and that is divide and conquer the People!

    • Joseph

      So, are you a big pussy or what?

  • http://www.washingtonsblog.com/2011/10/second-wave-of-protests-unleashed-targeting-federal-reserve.html Syed Zaidi

    The best quick education on these issues is to be found at Ellen Brown’s website:

    http://www.webofdebt.com/

  • terrymac

    @Ralph Musgrove: if you read Rothbard’s proposal, you’ll see that it involves not merely ending the central bank, but ending the government’s monopoly privilege of creating money out of thin air.

    This change would put power directly in the hands of the people themselves. Prior to the Federal Reserve, we had the power to shut down improvident banks by the simple method of showing up and demanding gold or silver for our dollars. During this period, inflation was negligible; it happened only in wartime when the government used “a technology called a printing press” to create fake paper dollars.

    At one time, the Pound in the UK meant literally one pound of sterling silver. Guinness signed a 9000 year contract to lease a brewery for 45 pounds of silver per year. The real value of gold or silver might change a bit due to variations in technology, new sources, or new demand – but it has never varied by a hundred-fold, as the value of the paper dollar has.

  • Peter Bernhardt

    OWS is calling for “re-electing Obama to ‘fight’ the very elites who pushed him into power”?

    Really? Says who? Alex Jones appears to be the one trying to co-opt this toward his own ends. This is about genuine democracy and the end of corporate rule of our political system, first and foremost. Jones is just another shrill voice with an agenda.

  • Jay Rowland

    Tread lightly with Jones he brings conspiracy with him where ever he goes.
    I am on his side with 9/11 but he brings so much baggage with him he hurts the movement.

  • Bill Bergman

    From Milton and Rose Friedman’s book Free to Choose (1990): “In one respect the [Federal Reserve] System has remained completely consistent throughout. It blames all problems on external infliences beyond its control and takes credit for any and all favorable occurrences. It thereby continues to promote the myth that the private economy is unstable, while its behavior continues to document the reality that government is today the major source of economic instability.”

  • Rob

    If this is all the “social unrest” it would take to implement martial law, then something IS seriously wrong with our country. People in other countries have the backbone to stand up for what they believe, even under the threat of being shot. It is a shame that you suggest people stand down because of fear of what our government might do. It also speaks volumes about the state of our country that you think our government might actually do something drastic about people protesting.

    • Rob

      Actually, I correct myself. You do not suggest people stand down, just get educated. Education is never a bad thing.

  • Dolores

    Ralph, why don’t you do some research before commenting on this problem please. Start with The Monster of Jeckle Island and the setting up with the FED in 1913, then progress on reading until you find out exactly which banks backed both sides of the world wars. Also read Tex Marrs.

  • http://occupythefedtv.tumblr.com/ OccupyTheFed.TV

    Get all your “Occupy The FED” new here!

  • Brian Horsfield

    Ralph, You should watch the excellent documentary “MoneyMasters”. Google it. The producer advocates restoring the power of Central Economic Planning to Government, rather than the private and secretive FED. But followers of the Austrian School of Economics say central economic planning definition is bound to fail… its better left to have competing currencies – ie allow gold and silver to be legal in private transactions, and return to a gold backed currency. I prefer the latter, but would prefer a government owned Central Bank rather than privately owned.

  • Harry K.

    Let me clear things up for you, Ralph: “..it is a tale told by an idiot, full of sound and fury, Signifying nothing.”

    It’s an attack on prosperity, brought about by leftists who hate anyone making more than themselves, and fueled by class warfare rhetoric from the current administration and conspiracy buffs who like to spout such things as “trilateral commission” and “Bilderburg”. The demonstrations have been co-opted out of this even marginally coherent raison d’etre by greens, anarchists, unions, and just about any one else who has a left wing gripe. Don’t worry, Ralph, not everyone across the pond has turned into lunatics.

  • spktruth200

    The Ron Paulers are attempting to take over the OccupyWallStreet movement. They are a small minority not representing the 99%. Occupy Wall Street has 7 core demands which the Ron Paulers would never agree too…the young guy in this video is a Ron Pauler…its being put out to make us all think this is a right wing thing…its not. It is a progressive group that represents the majority of the american people, not the tea bagger corporate globalist supporters…the Ron Paulers. Paul would get rid of every social program in this country…the 99% are not for that at all..

  • PRichards

    That is NOT an “official” list of demands. It is not even described as “official” on the website. That list does not speak for everyone involved in the protests. We don’t know who wrote that list “GandhiKingMindsetResist” is the handle of the list’s author but he does not speak for everyone either, whoever he is. The list is not even entirely representative of the individual(s) who wrote it as it is not final. It is a work in progress open to revision, by whom we don’t know. That site is not “official” either. It does not represent all or even a majority of the protesters. We don’t know who is behind that website or how many people are involved in that website.

  • Julian

    How about “We’re All Fed Up! As the slogan to occupy the Fed?

  • jay

    The Fed: a privately owned business founded by wealthy old money European families and their American agents. It creates money (dollars) out of nothing, from out of the ether, and puts that money into our economy and collects interest on it. 6% a year from what I understand. The more of anything there is, the less it’s value; so the more dollars the Fed prints up each year, the less the value of each dollar in existence. A dollar’s value gets diluted when more dollars are created. This is why prices appear to be rising. In reality, prices are not rising, it is the value of our dollars that are declining, or being diluted, so it takes more dollars to buy the same thing. Ten years ago a slide of pizza was typically $1.25. Now it’s $2.50, more or less. It’s the same slice of pizza, it just takes more dollars to buy the same thing. The Fed shareholders rake in billions each year from Americans paying their fraudulent income taxes. The wealth of Americans is being transferred to the Fed and distributed among its shareholder banks and the families that control them. In order to keep the system from collapsing, the Fed must print more and more money at an increasing rate. We are reaching a point where it cannot continue and the dollar will likely be devalued in the coming years, though we will first go through a period where the dollar is quite valuable because people and companies will need dollars to pay down their massive debts. It happens in every country with a fiat monetary system such as ours. Ron Paul talks a lot about the subject.

  • NATOSUX

    Two people- La Rouche, Ron Paul, Enough said.

  • God’s child

    the fed should simply stop there anti hedging laws which killed trading for poor day traders . its simply wrong . killing leverage is also totally wrong . minimum leverage for any live account should be 1:100 , they intensionally killed it , so the poor suffer. God is seeing all this , one day is called judgement day , all will pay accordingly for their deeds

  • Mark of the Wild West…

    It’s time to face the facts… We’ve been systematically stripped of our wealth and future…

    The Federal Reserve and all it’s hidden stockholders need to be shut down and stripped of assets from gold, sliver to mortgages.

    Audit the Fed, Fort Knox, and all the elites who have stolen and hid Americas wealth!!!

    All government investments and profits thereof need to be returned to the citizens…

  • Glenn

    Read the National Emergency Employment Defense Act of 2011 here:

    http://tinyurl.com/3muq92b

    Or for those who want their URLs in long form:

    http://www.govtrack.us/congress/billtext.xpd?bill=h112-2990

  • http://www.duniaseo.com/faq/ Jasa SEO Murah

    You can certainly see your skills within the work you write. The world hopes for more passionate writers such as you who are not afraid to say how they believe. Always follow your heart.

 

 

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