Customer Reviews

End the Fed

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In its first response to the global financial crisis, the Fed disbursed trillions in secrecy. This was during the critical period when so many were financially squeezed. Cash went to Goldman Sachs and others. Some beneficiaries used these funds to short the markets. Some was used for executive bonus commitments. We still don't know where it all went.

(Recommended reading: Declare Independence from Party Affiliation)

The Federal Reserve Act delegates money power to a private banking monopoly. Ron Paul introduced H.R. 833 to abolish the Federal Reserve System. He wrote this book to outline reasons to end the Fed. This doesn't mean he wants politicians to operate the money supply. While it doesn't appear likely the status of the Fed will be changed soon, it's possible that Congress will act to require full disclosure on Fed distributions with regard to the Global Financial Crisis.

The main counter argument is that it would be a terrible mistake to trust Fed oversight to politicians. The late Milton Friedman offered an alternative to the current system which might satisfy a broader constituency. The U.S. in theory could have its own currency called U.S. Notes (instead of Federal Reserve Notes). Friedman thought this could work if physical money were created only to match population increase or else align increases of money supply to a price index. The system that Friedman talked about would leave physical money creation independent of political control. Currently, physical money is created through Treasury debt. Nevertheless, Friedman acknowledged that it may not be politically possible to take money power away from the Fed.

Under President Abraham Lincoln, money power was vested in the Treasury Department. If money power were returned to the Treasury, perhaps under Friedman's plan, the federal deficit could be completely paid off with debt-free U.S. Notes. Ron Paul does not seem radical if the idea of issuing our own currency, using U.S. Notes instead of Federal Reserve Notes, is not radical.

End the Fed explains harmful consequences of our monetary policy and fractional reserve banking. In this system, money comes into existence only through debt and is then used to create more debt. There is an overreliance on debt and too much debt can be harmful to most citizens.

Why does the Fed resist telling us where the money went that it disbursed in the early stage of the global financial crisis - when a little liquidity allowed beneficiaries to buy any assets at fire sale prices? This is the question I return to most often.

The Fed makes funds available for government spending far in excess of what could sustainably be raised through direct taxation. Paul posits that our military engagements would not have played out as they did if government had to pay at least in part by raising taxes. Seen this way, the Fed influences political policy far more than people are generally aware.

Recall also earlier concerns of whether Fed-led credit creation was creating a housing bubble. Then Fed Chairman Greenspan would only allow that in isolated parts things were "frothy." He denied the bubble and encouraged mortgage equity withdrawals by homeowners. This turned out to be a trap for trusting citizens as documented in Dr. Paul's book.

Paul wrote about conflicts of interests between the powers behind the Federal Reserve and the American people. This is not a partisan issue. Even Chairman Ben Bernanke blames the severity and duration of the Great Depression on the Federal Reserve.

Like Paul, I got interested in coins since they seem to have intrinsic value. I like to collect nickels. Some from the 1920s are circulating. They last because they're 75% copper and 25% nickel - very durable.

It's not difficult to accumulate literally hundreds of pounds of nickels. Anybody can get $100 boxes of nickels at a cooperative bank without having to pay a service fee. These boxes arrive off the armored truck in neatly packed rolls. One box weighs 22 pounds so make sure to use a dolly to wheel and not carry them. Like Paul, I believe the U.S. Mint will eventually make steel coins and maybe these nickels are not a bad thing to have.

I think those nickels should be kept safe in a relatively inexpensive site box such as this one: Jobox 48" Long Heavy-Duty Steel Chest With Site-Vault(tm) Security System 1-654990.

Andrew Jackson ended his Fed in 1836. Ron Paul can do the same for us, if we make it possible. Read this book and work to end the central economic and political evil in America, the central bank that fuels recessions and depressions, the warfare state, the redistributionist state, and the police state. End the Fed!

Finally, a no-holds-barred, plain English explanation of the "Crime of the Century." Dr. Paul explains very clearly how the Federal Reserve has not helped our economy, but has virtually destroyed it. It's so clear, in fact, that maybe even our Congressmen and Senators will finally get it.

Economics 101: When you create more of something, the value decreases.

Economics 201: The Federal Reserve printing (Liquidity Injections) of Federal Reserve Notes (Dollars) has decreased their value.

Economics 301: The dramatic increase of Federal Reserve money printing in the last couple of decades has devalued our money and caused the current economic crisis.

Economics 401: The Fed is trying to solve the problem with more of the same thing that caused the problem.

Of course it's more complicated than this, and that's where this book is so important. Dr. Paul explains the history of the Fed, its relationship to modern wars and a myriad of other societal ills, the inevitable failure of a fiat currency and, more importantly, how we can get out of this mess.

The Federal Reserve system is nothing less than the most brilliant tool ever for the transfer of wealth and power from the average citizen to the wealthy and powerful, and we must rein it in to preserve our freedom. I know I must sound dramatic, but I can not stress enough the importance of honest, realistic, economic education. This book is a great first step. It should be required reading in all our schools.

Ron Paul's "End the Fed" is equal parts an indictment of the Federal Reserve System actions in the last 96 years and a blueprint to repair the damage that the actions have caused. Unfortunately, the remedy can't be accomplished in half measures. Either the people audit the Fed and consqeuently destroy it, or future generations will be doomed to relive the central banking tactics that have proved Paul correct. We'll have just one chance to get this revolution right.

For the record, I'm a fan of Ron Paul and I'm NOT a fan of "The FED."

The Pros:

*A short and easy read (it's a "one-day" book.)

*Contains countless statements of pure truth. For instance, discussing the expansion of the nation's money supply, Paul writes: "Noble intentions are always used to justify the inflation, but the real reasons are far more sinister. Those who get the control over the money are beneficiaries, not the people as a whole."

* Provides a priceless "inside the government" perspective of the FED's power to guide and corrupt foreign and domestic policy.

* Destroys the main arguments "in support of" the FED.


The Cons:

* The reader's understanding of basic monetary terms is often assumed. Example: "The prohibition of paper money was for convertible certificates." (Most books that are "economic" in nature are guilty of this. That said, "END THE FED" is more accessible than most books on this topic.)

* I hoped to see more emphasis on explaining the mechanics of the system (and the common terms) so the newbie could really "get it." Dr. Paul is 100% correct when he says: "Only an understanding of how the monetary system works can correct this problem and protect the victims..."

Overall, this book provides us another excellent weapon in the battle against "The FED." Buy it, read it, and share it with others.

I just finished reading the latest book from the great Dr. Ron Paul, Republican Representative from Texas' 14th Congressional District, titled <u>End The Fed</u>. With a title like this, it doesn't take a rocket scientist to deduce what Dr. Paul is advocating.

"Of course, Congress could abolish the Fed tomorrow if it wanted to. The Representatives' ignorance of economics, as well as the benefits they enjoy from irresponsible spending, prevent this." - p. 117

With President Woodrow Wilson's signing of the Federal Reserve Act in 1913, a central banking system was created. That system was granted the ability to create credit and money out of thin air, and to do so with no oversight whatsoever. The framers of that legislative piece of garbage, as well as current supporters, would have you believe it was created to provide liquidity in the market in times of financial panic. What it has really done is weaken the dollar by artificially keeping interest rates low and inflating the money supply.

"Artificially low interest rates are achieved by inflating the money supply, and the penalize the thrifty and cheat those who save.

Manipulating the money supply and interest rates rejects all the principles of the free market, and so it cannot be said that too free a market caused this mess. The market was not free at all. It was manipulated and distorted. Ironically, free markets and sound money generate low rates, but unlike the artificially low rates orchestrated by the Fed, the information conveyed is beneficial to investors and savers. Only the Federal Reserve can inflate the currency, creating new money and credit out of thin air, in secrecy, without oversight or supervision." - p. 133

Any kid that has collected sports cards of any kind will tell you, the more a card a printed, the less it's worth. The same principle applies to money. The more the dollar is printed with nothing to back it, the less it is worth.

"When the printing presses are available to the government and the banking cartel, they will use them rather than do the right thing" - p. 127

I could go on and on quoting the good Doctor and this great book, but you should really check it out for yourself. In my opinion, Dr. Paul put pen to paper and easily illustrates the ways the Federal Reserve has hurt the US dollar and the economy since its inception and why we as American citizens must petition our elected officials to "End The Fed".

The Federal Reserve will no longer be just the name on the front of our dollar bills. Thanks to Ron Paul, millions of Americans are waking up to the true nature of this institution. Drawing on history, economics, and his personal experiences as a congressman, Dr. Paul shows us why the Federal Reserve cannot exist in a truly free and prosperous society. "End the Fed" is an interesting and engaging book that every American who cares about this country should read.

Absolutely decisive on matters of fiat paper money: no more!

A great book, especially for those new to the subject. Makes a convincing moral, constitutional, economic, and all around general case for abolishing the Federal Reserve.

Make sure to read up on some Murray Rothbard once you've completed this gem.

Want your representatives and senators to get the message? Order extra copies of this book and send one to each congressperson...maybe even highlight some interesting sections. Think about it, if just 50 people from each state were to do this, imagine the impact when the senate offices are flooded with this book! Let's send them a MANDATE FROM THE PEOPLE!!

Oh, and by the way, the book is excellent.

I am a big fan of Ron Paul. I have read a couple chapters of his new book and am anxiously awaiting my copy to complete the reading. Ron has written several other books and I expect End the Fed to be another great one. Now is a time in our history that we need leaders that make sense have integrity and are standing up for the folks that elected them. Ron Paul is one of the few in congress that takes his oath seriously and his actions to audit the fed and then end it are worthy of our support. I think any concerned citizen that is interested in how our current financial system has failed and will continue to fail us should buy End The Fed by Ron Paul and of course read it.