Milton Friedman was critical of the Federal Reserve's performance and felt it should be abolished. He believed the Federal Reserve System should ultimately be replaced with a computer program that would automatically buy and sell securities in response to changes in the money supply[2][5].

Friedman favored a system that would constantly grow the money supply at a certain predetermined amount every year, known as his k-percent rule. However, there is debate about the effectiveness of a theoretical money supply targeting regime[2].

Friedman argued that the Federal Reserve was largely responsible for converting what might have been an ordinary recession into the Great Depression by presiding over a decline in the money supply from 1929 to 1933[2]. He maintained that there is a close and stable association between inflation and the money supply, and that inflation could be avoided with proper regulation of the monetary base's growth rate[2].

Despite his criticisms, Friedman concluded that the government does have a role in the monetary system, as it has the authority to issue currency and regulate its use[5].

Sources [1] Adena T. Friedman - Board of Directors https://www.newyorkfed.org/aboutthefed/orgchart/board/adenafriedman [2] Milton Friedman - Wikipedia https://en.wikipedia.org/wiki/Milton_Friedman [3] What Would Milton Friedman Say about the Fed's New Framework? https://www.mercatus.org/research/policy-briefs/what-would-milton-friedman-say-about-feds-new-framework [4] Friedman's Monetary Economics in Practice - Federal Reserve Board https://www.federalreserve.gov/pubs/feds/2011/201126/index.html [5] Criticism of the Federal Reserve - Wikipedia https://en.wikipedia.org/wiki/Criticism_of_the_Federal_Reserve