Dick Armey just said on Washington Journal either overhaul or abolish the Fed

I was watching Washington Journal this morning and a caller asked guest Dick Armey his thoughts on the Fed and he said in its current state it needs to either be overhauled and downgraded to its original very limited role and very limited power or completely abolished all together because it is the root of the crisis. He said that there is a theory of competing currencies that he thinks would be hard to implement in the U.S. but would be much more productive economically than the Fed. He also mentioned the Austrian schools of economics being the very sound. What I didn't know was that he has PhD in economics he received in 1959. He said Obama's policy doesn't fit any economic theory known to man including Keynes, Austrian, Marshall, or Marx and that Obama scares the crap out of him. He said Obama's economic theory is just haugpaug. Interesting....