Instead of trying to be funny (and failing) you might wanna put those research skills you learned there at Cornell to good use and actually find out what Dr. Paul is talking about before dismissing it. Start with Chris Martenson's Crash Course ( http://www.chrismartenson.com/crashcourse ) on the economy and go from there. You might be surprised at what you find out.

Thank you Yevgenity for your report. Many people who quote Ron Paul do so out of rage. I sometimes wonder where this rage comes from. As I've thought about it again and again being in my 40's. I think it's because many young people today feel like the government is not an honest organization. Nixon lied, so did Regan (read my lips.. I will not raise taxes), and Clinton ( I did not have sexual relations with that woman, Miss Lewinsky) and Bush (I don't know which one to cite) Parents for the past 40 years have been teaching children that those in power, are more likely to abuse that power if it's allowed.. and they are doing it. I think young people today want very much to be heard. Wall Streeters of the world also have a voice the same those those Ron Paul people who spew statements that they don't understand. I love America. I agree, Many don't understand the what they hear, but they can see when things aren't working right in the government. I've read Ron Paul and from what I understand, he is a strict constitutionalists. So he has a clear road map. I'm uncertain if it's possible to follow the constitution strictly in today's age, but I do feel that there could be some good to come of it. As well as some not so good. The reason Dr. Paul jumps on the Fed so often is because he see's that they are not really separate from the government and it's unconstitutional. Yes they are a private group, but they work in tandem with the government to greatly effect the economy. Now that the bailout has been approved by congress they are even closer to the government. In another 20 years the Fed could be a branch of the government. That's why the young paulites scream profanity for reasons they don't understand. They are afraid and maybe they should be.

Wow, just wow. To think of all those fiat notes (dollars) your parents wasted trying to get you educated.

Stick with playing video games, and practise counting money for your future carer as a Wallmart cashier.

Just because something has good intentions (like the Fed), it doesn't mean we need to remain loyal to it if, in fact, it doesn't work.

And clearly, something is not working.

Perhaps the funniest line in this article is the part about the Fed "protecting us" from inflation! Son, you need to sit down and actually study more than one version of economic theory and history! I also think you should listen to the song by Montgomery Gentry, Tattoos and Scars. There is more to be learned in this world than what you can learn at that university! The world is BIG! There is more practical knowledge in the guy working with the hoe, than there is in some university professor who just want you to vomit back to him what he thinks is true.

Well Mr. Feldman, about all I can say is that you are clueless to the big picture. To explain to you all of the errors in your thinking could take up a lot of time. Suffice it to say that there is a lot of info out there to help you understand and realize what is going on. You could probably start with the true story of the creation of the Fed, who was behind it and why. That might peak your interest to do some further research, with an open and unbiased mind. You have a little extra homework to do.

Mr. Feldman does a wonderful job of chopping down strawmen. If this really represents the best critiques of the most damning legislation since smoot-hawley, I think it says more about the state of higher education than the random morons he makes out to represent the responsible economic community. Maybe he is just biased by the fact that he is looking at the problem from a financial perspective rather than an economic one. I propose that this is akin to a bunch of pastry chefs claiming to be experts in agriculture and calling the farmers ignorant and uninformed.

The list of reasons the Fed must go are endless. To begin with, it is an anti-capitalist monopoly (chew that one over for a minute) that will forever keep us tied to the yoke of central planning. It may not be proper Soviet style planning, but the effects, as we now see, are the same. Also, the Fed CREATED the great crash of '29 and government attempts to "do something" to fix the problem (almost identical to the "something" they have done now) begot the Great Depression. Nevermind that preventing such occurences was the rationale for creating the Fed to begin with. FYI, there was no REAL gold standard at this time because of these same attempts to "do something". Also, as anyone who has taken an intro econ class knows that under the quasi-keynesian models used, it is IMPOSSIBLE for anyone to simultaneously control both inflation and unemployment. While this paragraph is by no means exhaustive, the Fed is immoral, impractical, and cannot possibly accomplish its' stated objectives.

The fact that we are even having this discussion should tell us that the foundations of our economic system are not right. Businesses should not be relying on loans to make payroll. Money cannot be loaned at negative real interest rates without serious misallocation. Real wealth cannot be created by decree, even if it is the United States' government doing the decreeing. To try to continue the charade to avoid hurt feelings and portfolios is simple minded, ignorant, short sighted, irresponsible, and in this case, constitutes an assault on the ideas of private property, contract, free markets (that never really existed but which some like myself held out hope for in the future), and above all the Constitution of the United States of America.

You can go ahead and unite the future Wall Streeters, but at this rate your beloved Wall Street will be nothing more than an extension of K-street and Pennsylvania Ave by the time you get there.

What really grinds my gears? Finance people who think they understand economics.

Shane Scheid

PS- regarding the Austrian School, don't knock it til you try it. Their list of real accomplishments and contributions FAR exceeds those of Keynes (who gave up even trying to debate Hayek) and Friedman (who was content to pillage their work without assigning them credit), and makes a sheer mockery of the modern notions of econometricians.

Good day to print this. Dow's down 668 as I type. Sorry, but I'd rather listen to the people who predicted this mess than the ones who created it.

"[an institution which is independent from politics, and whose sole purpose during normal times is to minimize unemployment and inflation].”

LOL, I thought Cornell students indulged in more sophisticated beverages...but obviously you love your kool-aid. When you build a monetary system on a foundation of nothing more than "confidence", it will surely collapse just as Austrian economists predict. It doesn't take a professor of economics to understand that.

Mr. Feldman, as a senior citizen and an observer of economic trends over the last 45 years, I suggest that you oil your gears with Truth, and I think you will understand the true state of our economy. And yes, the Federal Reserve, controlled by the elite international bankers, should be abolished asap. I guarantee that you will have a new understanding of the economic system in the next 10 years. God bless you in your quest for TRUTH!

1) Governments cannot save economies. Not even the US gov't. An economy happens in spite of gov't.

2) Our gov't is not putting THE dollar on the line, they are putting MY dollars on the line. THE dollar (or at least the federal reserve note representing one dollar) has been put on the line since 1913. It is now worth approximately 3.9 cents because of it.

3)There is no "war" in Iraq. The is a military operation. See, just like our monetary policy, the US Congress, or, Parliment O' Whores, ignores the part about CONGRESS declaring war and the president executing it.

4)As stated before, the great depression happened under a quasi-gold standard which was immediately butchered by Roosevelt. While admittedly a gold standard per se could not have averted this, the fractional reserve system employed along side it rendered it a very poor check on the situation. Now we have pure fiat AND a fractional system.

5) I will not even begin to touch on the ignorance of your belief in the mandate of the federal reserve. If you really believe this claptrap, see my earlier comment.

6) One does not need a degree in economics to understand it. In fact, judging from what our gov't considers "leading" economists, not having a degree may be a qualification in itself. Economics is actually one of the most simple and basic sciences there are. It is corrupted by the legions of egg headed econometricians (applied mathematicians who aren't even good at math), gov't bureaucrats seeking job security, professors who like to hear themselves talk, and arm chair socialists who invent all new games every time the AUSTRIANS burst the bubbles of their little fantasy world.

7)federal reserve independent from politics??? Dude, take me to your dealer!!

8)Regardless of what the pretty bimbos and O'Reilly style personalities who don't have time for history (he actually said that when D. Paul tried to explain this about a year ago) tell you, this is not a failure of markets any more than if I were to break both of your legs and call the fact that you can't walk a biological failure. You can't regulate against this, regulations caused it!!

9)In 1929 the gov't did intervene to make sure the "shitty times" didn't get "shittier". Just like they are doing now, step for step. And wouldn't you know, after more than a decade of intervention, the "shitty" times looked like the good ol' days.

10)The vast majority of American troops DON'T want to be in Iraq, at least not under the conditions that put them there. That is why during the presidential primaries they donated more money to Dr. Paul than all other candidates combined.

11)Socialist Insecurity is a scam no matter how you measure it. The people who, sadly, learn their lesson on this one too late are the people who count on it to actually perform as promised. You know, the seniors of this country who eat Alpo for dinner. The very concept originated in Prussia under Bismark if that tells you anything. If a private insurance provider were to operate EXACTLY as the SSA does, they would lose their asses in court on fraud charges. Don't even get me started on the guy they call Ponsi...

12)The vast majority of medical care used to be free in this country. Many doctors used to charge little or nothing to people who had not money to pay. That was until the gov't got involved to help said people. Now it is ILLEGAL for a doctor to give charity care.

13) Phone lines were flooded with calls from citizens demanding that their reps. NOT back this bill. Servers crashed as a result of the tidal wave of emails instructing the same. Just how exactly is a representative doing their job by defying the very people they were chosen to represent? Just who exactly are they representing? While America's founding fathers may be turning in their graves over this, at least Il Duce and Herr Hitler can rest in peace knowing there are people like you still willing to plead blind loyalty to those who wield the power of the state without regard for the people who actually pay the price for state actions.

Shane Scheid

Let me offer you a few thoughts. Consider these concepts as you go through life and you'll be a richer person.

First, there is nothing wrong with identifying a problem, provided you also propose a solution. The former without the latter is not helpful.

Second, in about another 10 years you will start to realize how very, very ignorant you were today. And from that moment on you will be smarter because you will always ask yourself, "Is my knee-jerk reaction correct, or do I need to learn more before I offer an opinion."

Third, Superficial attacks on another's character or intelligence (like your quip about Dr. Paul's degree) have no impact on how he's perceived. But it impacts greatly how you are perceived.

Fourth, arguments delivered in a calm tone, and based on a logical through process, are very persuasive. No intelligent person is persuaded by a rant.

Fifth, ask questions. Always. If you force people to explain their conclusion, or defend an argument, you will have a better understanding upon which to base your conclusion and you will force the other person clarify their thought process.

Regardless of your age, people will take you seriously if you're deliberative. And that is why no one will take your editorial seriously. Relax, focus, and learn from your mistakes.

Good luck.

for anyone coming accross this article who may be looking for what an actual economist might have to say about this subject (especially the part about the gold standard) check out this article on the WSJ website at http://online.wsj.com/article/SB122273029076687929.html

written by someone who actually understands the topic as an economist and aurthor on the subject.