Is it ok to leave the MySQL root password blank?

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http://serverfault.com – Does a root user without a password constitute a security breach if my MySQL server only accepts connections from localhost? I'm aware that the common wisdom says the root user should be protected by a password, but what are the implications of leaving it blank? I'm not concerned about Linux users other than my own connecting to MySQL and I am not planning to allow network access to the database. (HowTos)