Not that I am going to change the mind of someone who is a president of their own libertarian think tank, but Harvard would like a word with you. 
 
I agree that the Fed has been less than stellar in practice, but a regulatory monetary body is not bad in theory. Without such an authority, the burden for moving America out of a recession (or worse) is placed on Congress, which we ALL know of course to be a shining beacon of swift, intelligent efficiency. 
 
Likely, we should all press for some significant reform within the Fed, but like many libertarian ideas, its abolition goes about three steps beyond pragmatism.

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