FEDERAL RESERVE


Why Not Abolish the Fed?
by Jacob G. Hornberger
One of the positions of Republican presidential candidate Ron Paul that
mainstream pundits find ?wacky? is his call to abolish the Federal Reserve
System. Never mind that two Nobel Prize-winning economists ? both libertarians ?
called for the same thing. And never mind that the Fed is the entity directly
responsible for the debasement of the dollar over the many decades si nce the Fed
was established.
Both Milton Friedman and Friedrich Hayek called for the abolition of the Fed
during their careers. While Friedman spent much of his life advocating
externally imposed const rain ts on the Fed?s power to expand the money supply,
his first wish was to have the Fed abolished, as he pointed out in a 1995 Reason
magazine interview. In his book Denationalisation of Money: An Analysis of the
Theory and Practise of Concurrent Currencies, Hayek advocated a free-market
monetary syst em of competing currencies.
http://www.lewrockwell.com/hornberger/h ... er143.html