Fed Employees Urged to Quit Over Institution's Failure

On November 16th, Paul M. Warburg called it the 'Fourth of July' in economic history, marking the establishment of the Federal Reserve System.

However, Robert Wenzel, an economist who spoke at the New York Fed in 2012, took a different view.

'I beg you all, walk out of here with me, never to come back. It's the moral and ethical thing to do,' he said. 'Nothing good goes on in this place. Let's lock the doors and leave the building to the spiders, moths, and four-legged rats.'

Wenzel's speech was a rare moment of dissent within the Fed, which has been accused of perpetuating economic crises through its monetary policies.

The Austrian Business Cycle Theory (ABCT) suggests that printing money causes the business cycle, which is supported by Wenzel and other critics of the Fed.