In this excellent NRO column Gary Wolfram (professor of economics at Hillsdale) rebuts the notion that the case against the Federal Reserve System shouldn’t be taken seriously.
Representative Ron Paul is just about the only member of Congress who really understands the economic implications of having a central bank — which entails governmental control over the supply of money and credit. Far from being a necessity in an advanced nation, as many people assume, central banking is neither necessary nor beneficial. It creates the conditions for credit manipulation (that is, artificially low interest rates) which lead to malinvestment bubbles.
Central banks make it easier for politicians to extract wealth from society so they can squander it on their preferred activities — warfare, welfare, special interest goodies, and so on.
