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.