The Federal Reserve has Failed
A new bill being introduced, ironically named the "Sound Dollar Act," seeks to end the Fed's dual mandate of maximizing employment and maintaining stable prices by removing the employment mandate.
The only problem, one that should concern any true believer in the free market system, is that the Fed would still be focused on "price stability" and thus still be interfeering with the marketplace.
In this presentation by the Mises Institute, Professor George Selgin argues the Fed has failed even in their foolish attempt to maintain stable prices. http://www.youtube.com/watch?v=yLynuQebyUM