Bruce Bartlett calls Ron Paul's attempt to audit the fed a "crackpot idea":
Whatever one thinks of the Fed's policies in recent years–and there certainly are grounds for criticism–there is no reason whatsoever to believe that undermining its independence and putting the Congress in control of monetary policy–Ron Paul's goal–would improve matters at all. Indeed, there is every reason to believe that full congressional control of monetary policy would be a disaster. Instead of getting Switzerland-like stability, as Paul foolishly imagines, the more likely result would be Zimbabwe-like hyperinflation.
The Dish 