Ron Paul End the Fed Protest is Right About Auditing, But Wrong About Abolishing the Fed

At Federal Reserve Banks across the country today, people are chanting three syllables: “End the Fed.” With Bernanke’s announcement of QE3 and Harry Reid’s blocking of the Audit the Fed bill in the Senate, American central banking is getting an unusual amount of attention. 

The Fed is secretive, largely unaccountable and very probably counterproductive. That having been said, any action in the short-term beyond a well-deserved full audit would cause more harm than good.