Paul Volcker back on the scene

NEW YORK (CNNMoney.com) -- President-elect Barack Obama on Wednesday named former Federal Reserve Chairman Paul Volcker as the head of a special economic advisory board.

The group, which will include another 8 to 16 members, will provide the new administration with advice on dealing with the nation's financial crisis. It will exist for two years and will meet roughly once a month.

It's hard to say what the Paul Volcker of 2008 can do in his new role, but Obama's selection of him is a good start. As Fed chairman, Volcker saved the country from becoming another Brazil. Is it too much to hope that Volcker will soon replace Bernanke?

Of course, the only lasting solution is to get rid of the Fed.