I have a question: I know Austian Economics cheering for deregulation. But i often heard Ron Paul said we have to regulate the central bank & hedge funds. So I have to assume that Austrian is agree that some regulation is necessary, but not too much.. is that the correct assumption? And what kind of regulations that will be implemented on the central bank & hedge funds according to Ron Paul?
I know this is a very basic question, which is why i post it in newbie section. 
Note: Expect for questions like these in the future, hope you don’t get tired of it..!
I’m not sure what he has in mind in specific, but bear in mind that central banks enjoy a state-imposed monopoly. Leaving them free to do however they please is an invitation to disaster, because market discipline simply cannot rein them in; they’re sheltered from it. He might also mean ending the monopoly and bringing about regulation by the market, i.e. the discipline imposed by the profit and loss system (not the privatized profits/socialized losses system currently in place) and its associated legal framework (i.e. punishment of initiation of aggression, e.g. theft/fraud.)
-Jon
Regulation means government involvement for non-governmental entities in this case. The Federal Reserve is still a governmental institution, so regulating it isn’t the same as regulating the market. In fact, it’s quite the opposite.
Isn’t this one of the criticism, by libertarians, of Raegan? That his alleged “deregulation” was of the public sector?
The problem of regulation would be of second order, who regulates the regulator? Indirectly the problems that are supposed to be solved may be diverted through that flaw.