End the Fed?

[kyounge1956]

I'm currently listening to this as an audiobook. I'm not even halfway through yet, and I may never make it to the end—economics of the Austrian school tends to stick in my craw, and so far anyway the book has a flavor of conspiracy theories that are giving me a pretty skeptical view of it. Nevertheless, the basic question remains: should the Federal Reserve System be abolished or not? Author Ron Paul is running for President, and I suppose it's not impossible he will be the Republican nominee. Based on a quick read in wikipedia, he does not explicitly advocate a return to an exclusive gold standard, but rather allowing use of gold and silver money in addition to paper, allowing market forces to determine what type of currency dominates.

It seems to me that such a major change could hardly avoid having far-reaching effects on the economy as a whole and as a result of that on ER, but I'm at a loss as to what they might be. What do you think—how would abolition of the Federal Reserve system affect E-R?

 

[FinanceDude]

Ron Paul will NEVER be the Republican candidate, NEVER. He has been running for President seemingly since Kennedy was in the White House.......

The Fed has WAY too much power, they might have more power than Congress or the President!

 

[GregLee]

What do you think—how would abolition of the Federal Reserve system affect E-R?

If it were true that national economies would be less subject to recessions and that inflation would be eliminated, it would be in the interest of retirees, of course. I haven't read Paul's books, and skimming over the Wikipedia reference you give seems to supply only moralistic arguments, without an indication of why we should believe these things would actually happen.

 

[HFWR]

Federal Reserve System - Wikipedia, the free encyclopedia

Criticism of the Federal Reserve - Wikipedia, the free encyclopedia

 

[FIREd]

Thanks everyone!

Porky Pig Cartoon Ending "That's All Folks!" - YouTube