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by Gary Wolfram

There is a strong economic case that the Federal Reserve should not exist

Is Ron Paul’s suggestion that the Federal Reserve be eliminated a “fringe position,” as Josh Barro suggested in the last edition of National Review (“Mend the Fed,” June 21)?

It depends on what “fringe” means. If it means simply that a large majority disagrees, then Representative Paul’s position deserves that characterization. But if “fringe” is meant to imply that abolishing the Fed is a lunatic idea that is not supported by economic theory, then Paul’s position is far from it. In fact, a number of economists argue that the economy would operate more smoothly without a Federal Reserve.

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