Removing the Federal Reserve borders on the insane. Also he blatantly lies or is simply ignorant when he says there won't be inflation without the Federal Reserve. The money supply must go up over time, otherwise a permanent recession (or a dramatic reduction in real wages) will occur. There is a reason why central banking is prefered to free banking (allowing banks to set interest rates and the money supply) and there's a reason that economic volatility has decreased substantially since central banks decided to focus primarily on controlling inflation.
A reduction in taxes is of course welcome by the voters but is not the greatest of ideas. One we've already seen substantial tax reductions over the past seven years. Two it is doubtful that he can reduce expenditures at a greater rate than he can reduce taxes. At the end of the day the US needs to increase taxes for the rich and reduce them for the poor, Bush focused almost entirely on providing tax cuts for the affluent so the poor now pay a far greater percentage of the tax burden than they did in the Clinton years. Furthermore, the US is the only first world country with a third world health system and whilst the system can run more efficiently it is clear that any responsible President must act to fix this embarassing system and no doubt this will necessarily involve increasing government spending.
Furthermore, having never voted for a tax increase or an unbalanced budget I have to wonder what he would do in a recession? Afterall, a recession reduces tax income which will mean that he'll further reduce government spending, which reinforces the recession, which reduces taxes and so on and so forth. Deficit spending is important, if only because it provides a way out of a recession. This is all the more important given that he wants to rid the country of its central bank.
Socially he makes a lot of sense but its hard to not make sense being anti-war these days. For the most part I agree with him on social issues (or at least his opinions that I'm aware of). However, economically he appears to be a massive risk unless he gets some decent economic advisors around him. That said he does sound genuinely honest and that is rare in itself.