patrick.net

All the Paul-heads can enjoy Ron Paul's new bill HR1207. Here is what Ron Paul had to say:
"Fundamentally, you cannot defend the Federal Reserve and the free market at the same time. The Fed negates the very foundation of a free market by artificially manipulating the price and supply of money – the lifeblood of the economy. In a free market, interest rates, like the price of any other consumer good, are decentralized and set by the market. The only legitimate, Constitutional role of government in monetary policy is to protect the integrity of the monetary unit and defend against counterfeiters."
(END QUOTE)
I'm not a Ron Paul fan on the fiscal side, but I can dig the above. Basically, the Fed ensures that we do not have a free market in interest rates. Not good.
In principle, I think the main problem with abolishing the Fed altogether is related to global economics: If there is no Fed, it may be too easy for countries to engage in monetary warfare against each other, and it may cause great instability. Perhaps even worse than what we have now.
In practise, there is also plenty of reasons (right now) why letting interest rates float freely can cause some big problems. Consider bank insolvency, just for starters.

On another note:

It appears that the free market in thread creation has caused many new threads to be created in rapid succession lately.

I'm in favor of more regulation of threads :) Longer threads are better, one can always stray off-topic as needed.

Oh, and that Ron Paul quote was from a post by Mish Shedlock:

http://globaleconomicanalysis.blogspot.com/2009/05/speak-out-audit-fed-then-end-it.html

http://www.businessinsider.com/henry-blodget-ahem-nyt-reporter-who-defaulted-on-subprime-mortage-left-out-key-details-2009-5

Here is another Francine Hardaway in the making. Her name is Patty Barreiro.

I watched Edmund Andrews being interviewed on TV last night and I was struck by his peculiar story of marrying a second wife (with 4 children, no less). Barreiro appeared on camera occasionally, and seemed strangely detached from the whole situation.