Abolish the Federal Reserve?

Rep. Ron Paul has introduced a bill to abolish the Federal Reserve Bank. Should it be seriously considered? This guy thinks not:

http://article.nationalreview.com/436634/mend-the-fed/josh-barro

You should know that part of the nearly-passed Banking Reform Act will increase the size and power of the Fed. Much of their new powers will not be transparent and there is great potential for massive corruption and political favoritism.

Hell yeah! End the damn Fed!

Yes, the Federal Reserve should be abolished. One of the main reasons we are jumping from one bubble to the next falls right back to the Fed. For the life of me I cannot understand why the Federal Government needs to control interest rates.

Cato