Ron Paul in charge of Federal Reserve Oversight?

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I don't agree with getting rid of the fed. Just look at how many depressions occurred before the fed was created

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Originally posted by Caduceus:
Honestly I don't hate this, I think that it would balance out; however, I don't agree with getting rid of the fed. Just look at how many depressions occurred before the fed was created

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The Panic of 1819 followed the boom after the War of 1812, which was financed by massive inflation (printing of paper money beyond the specie held in reserve) and credit expansion (loaning more money than the specie held in reserve). The Second Bank of the United States was chartered in 1816 to soften the inevitable bust by issuing paper money 100% redeemable in specie (precious metal coins of intrinsic value); instead, it became an instrument of further inflation and credit expansion in its own right, extending the untenable boom and increasing the severity of the inevitable bust. (This illustrates the point that, while real crimes such as fraud occur on the market, they would occur on their own on a much smaller scale; government tends to institutionalize such behavior and turn its ill effects into national calamities.)

The Panic of 1857 was followed by a five-year boom based on substantial credit expansion, during which state governments had also backed railroad bonds, promising to make good on them if the railroad companies did not.

The Panic of 1873 followed railroad overexpansion, financed by credit expansion and government subsidies made possible by the National Banking Acts of 1863 and 1864.

The Panic of 1907...was largely manufactured by the nation’s more powerful bankers to whip up public support for a new central bank, leading to the creation of the Fed in 1913. Despite propaganda to the contrary, the Fed wasn’t created by wise bureaucrats and politicians to "stabilize" the economy from the problems caused by the market; it was designed, like most government regulations, by the ruling elite to give themselves power, profit levels, and competitive advantages they would be unable to attain on the market, through voluntary exchange – specifically, in the case of the creation of the Fed, to forcibly cartelize the banking industry, fund government expansion without overt increases in taxation, and to fraudulently inflate currency and credit without suffering the natural consequences that would arise on the market from such activity, like bank runs and failures. As Murray Rothbard explained, lack of bank runs and failures should be cause for grave concern, not for celebration; banks should be no less prone to failure than any other business.