Magazine June 21, 2010, Issue

Mend the Fed

Rep. Ron Paul (Zuma)
We still need the central bank, despite its flaws

Last month, delegates to Maine’s state Republican convention junked the party’s proposed platform in favor of one promoted by tea-party activists. While a majority of its planks are unremarkable conservative proposals, the platform garnered some national attention for its more extreme elements, particularly a flat assertion that global warming is a myth and that its proponents should be investigated for illegal collusion.

But one troubling component of the platform that has mostly escaped notice is its position on the Federal Reserve. The platform supports an audit of the Fed, a mostly uncontroversial proposition that recently passed the Senate 96–0, “as the

Josh Barro — Mr. Barro is the Walter B. Wriston fellow at the Manhattan Institute. His research is focused on state and local fiscal policy.

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