Ron Paul wouldn't literally change the system with immediate effect. That would just create panic and poverty "...it would be chaotic if we ended the fed, too many people are dependent on the fed..." He is a man of integrity and isn't about to run slipshod over an economic disaster.
Professor Krugman wants "the world his Mum and Dad grew up in"
Well unfortunately sooner or later the unconditional depreciation of the currency has to catch up. There are only so many times you are able to, print money and cast off debt around the country and around the world before resistance gives way. People need to live, businesses need to trade. It cannot continue because it has been exhausted and very nearly up to the limit. The self inflicted weakness in the Dollar is the main reason for the strength in other currencies, most notably the Renminbi (Yuan).
In the 100 years of the Federal Reserve's printing press there has obviously been ebbs and flows. Booms and busts. Krugman is hawking back to a time of prosperity in the 1960's (also at a cost to many business owners, workers and families that weren't in Krugman's radar). However, lets not forget that to get to this 'prosperity' his family enjoyed, huge debts had been liquidated to lift America out of that extended depression, well into the 1950's and at a cost that assured 'personal gain' to individual bankers. Incidentally, this is one reason why they will not audit 'The Fed' and certainly not backdate that audit. The U.S. took longer to get out of the depression than anywhere else. Without those debts being written off the depression would have continued on for years deep into the 1960's and would certainly have shaped the country differently. Creating the 'Petrodollar' agreement with Saudi Arabia in 1971 only served to encourage greed by the U.S. under Nixon, vastly increasing mass production of the dollar for international use. This is why the 1980's onwards created an artificial economy so good for businesses. Under Reagan corporatism and government was set in stone. Slowly this saw the transfer and sale of manufacturing and industrial processes to foreign countries and a huge increase within the service industries.
Ever wonder why there are so many wars that the U.S. are directly or indirectly involved in? Most would not say it is out of righteousness, but would suggest it is mainly to do with oil. There is a lot of truth in this of course, but it is much larger than oil even. They are involved to protect or enhance the currency itself. If war isn't for writing off, selling off or passing on debt to other nations, it's to ensure a nation continues trading in the dollar should they stray(wherever they can get away with it). Of course, raping a country's assets is helpful to any debt based currency like the dollar. Short of another major World War though, the U.S. cannot get round this problem.
After 100 years of all these ups and downs, which includes that crippling depression period (just for those with a selective memory and who think fondly of 'The Fed'), we find ourselves where we are now, with a weak dollar and a world flirting with the Renminbi, Yen, Rupee or Euro. Even if the U.S. can continue devaluing the dollar by mass printing more and more, to a world who is continually confident in the currency, it has to be seen as avoidance and deferring the inevitable. Sooner or later the system has to crash. It is simple mathematics as well as evident based on history.
The Dollar is sick and Dr. Ron Paul has the medicine. It may leave a bad taste in the mouths of the money-changers and the empire builders, but it will slowly make everything better, just a lot more slower than it has been. We all have to accept this, sooner or later, even Professor Krugman. And actually, in the main part, we are paying the price of the standard of living enjoyed by his affluent parents :)