I Blame Woodrow Wilson, he signed the Fed Reserve into law. The issuance of money now has interest attached since then.
The fed in the right hands can be a very useful tool. a few examples:
1) Volcker used fed powers to reduce core inflation from over 10% to 4%
2) Ben Bernanke is using the feds power to help those in debt - get out of debt... AND the Fed made a record profit under him in 08 (82 billion) while single handedly propping up our financial institutions (which, like it or not, are very important to our economy).
3) The Japanese central bank fought deflation during the Japanese "lost decade".
Although, I only need to use two words to argue against the fed:
Alan Greenspan