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End The Fed Paperback – September 29, 2010
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From Publishers Weekly
At first glance, abolishing the Federal Reserve and returning to the gold standard seems a quaintly eccentric idea, but Texas congressman Paul presents a plan to eliminate our country's central bank, and return to a private banking system, that's both serious and plausible. The questionable aspects involve Paul's predicted results: not only will ending the Fed eliminate inflation (the government cannot print more money than it has gold reserves), but also business booms and busts, wars, income inequality, trade imbalances and the growth of government. Further, and perhaps most important, it would "disempower the secretive cartel of powerful money managers who exercise disproportionate influence over the conduct of public policy." Paul tends to gloss over those periods in history, including the Panic of 1907, in which private banking and the gold standard were law: "the bad reputation of nineteenth century American banking... is largely the result of... propaganda agitating for the creation of the Fed." With respect to "secretive cartels," Paul takes up the interesting question of whether J.P. Morgan is in fact preferable to Ben Bernanke. An engaging response to big-government solutions for the financial crisis, this knowledgeable and opinionated look at U.S. economics, from a firebrand public servant, should provoke much thought.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to the Audio CD edition.
"Rarely has a single book not only challenged, but decisively changed my mind. "
"Everyone must read this book -- Congressmen and college students, Democrats and Republicans -- all Americans."
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Top Customer Reviews
Read this book. It is not a conspiracy theory but it gives you the facts. I will admit it seems impossible that our own government would allow this to happen to their own citizens. But the Fed is our government’s eternal debt machine. The congress pays ‘lip service’ to the debt but that is all windowing dressing for the American citizens
If you don’t read another book in 2017 make it this one. By the way, I am a part-time college professor and I teach economics. I have never found this information in a college textbook.
The Federal Reserve is the monster inside every Americans' medicine cabinet, dark closet and under every bed. We can't escape it and yet we work harder each day to pay our taxes and bills and even when we think we are sort of getting a little ahead, we are drowning due to inflation from a debased currency. Most don't know how to deal with this monster, so we ignore it and hope our ignorance will keep us from being one of the more tragic victims.
However, make no mistake, we will all drown and be destroyed by this monster...except for the 1% at the top who will always and forever keep their pile of riches. And the amazing part, is that this monster is actually CREATED by that same 1% in order to enslave fellow Americans. If that fact alone does not make you furious and ready to go to war against the crooks in charge, then you are living in a fantasy and delusional denial.
Three families are destroying the US and they are using the Federal Reserve as their main tool. How? By giving politicians free money which they can use to spend on their projects and to effectively buy votes. So these three families leverage the power-hungry types by giving them money as a means to get them power. In return, the power-greedy politicians agree to tax future Americans by force, and give the profits back to these same families. It is an immoral scam, 100% unconstitutional, and yet it is the good ol' USA you live in right now! Feeling patriotic anyone??
Who are these three families who are secretly waging war against every man, woman and child in the US?
The Rothschilds (Bank of America), the Rockefellers (Citibank), and the Morgans (Chase).
What we will do to fight against these families who are content to drown the rest of us so that they can not only survive, but live in grandeur and luxury? This is exactly like 1917 Russia. Will we storm the bankers' palaces, strip them of power and cast them down? Or will we just give up and let them continue to drown us instead? Who among you will rise up and reject the status quo? Who among you will throw off the modern slave chains which now take the form of inflationary tax from devalued currency?
If any of you will stand up and say, "give me liberty or give me death", now is your hour to join the movement to ban the Federal Reserve. And it really is that simple. We don't actually even need to physically fight anyone. All we need to do is use the political channels to End the Fed. If you are up for this, this book will help you gain great insights. I highly suggest you read it.
The main event is the establishment of the Federal Reserve in 1913. Since then the dollar has lost 95 percent of its value. This means today's dollar is worth 5 cents in 1913 dollars and it takes about twenty dollars today to equal the value of a 1913 dollar. So the main purpose of the Fed has been to devalue the dollar through inflation. This has allowed politicians to spend endlessly to keep themselves in power while pushing the nation towards bankruptcy.
Other important events include FDR's confiscation of all privately held gold in 1933. What the government will confiscate in the next economic crisis to save itself we do not yet know. In 1971, Nixon was forced to have the United States default on its promise to exchange an ounce of gold for every 35 dollars, thereby taking the country off the gold standard. This allowed the Federal Reserve to print fiat money, meaning it could print as much money as it wanted. This has led to a national debt of $18 trillion and widespread economic and social disorder.
Paul believes the main downfall of the United States was the famous Supreme Court case of McCulloch in 1819. This was only 31 years after the US Constitution was written allowing only gold and silver money. The Supreme Court decided that the Constitution had "implied powers" letting Congress do whatever it felt was "necessary and proper" to govern the country. This meant Congress could basically do anything it wanted and led to its establishing the Federal Reserve and its nonstop depreciation of the dollar.
I believe the downfall came even earlier with the Marbury case where the Supreme Court also decided that only it had the power to decide what is constitutional, thereby giving its unelected members unlimited power over the elected branches of Congress and the Presidency, as well as all the states. This was the biggest power grab in American history and has allowed the court to overturn any act of any legislature and any act directly approved by voters it does not like. This is easy because the Constitution is worded broadly so the court can decide anything is unconstitutional. All of this has led to the spectacle of people breathlessly waiting to hear what policies these elite institutions have decided to impose on the country, while maintaining the myth that they are in control because they live in a "democracy."
Paul believes the artificial economic boom based on inflated fiat currency, which started in 1971, basically came to an end in 2000 with the stock market crash led by the tech sector. Since then the economy has struggled to improve and the average American has hardly prospered at all. The Great Recession of 2008 was basically caused by inflated dollars pouring into real estate. The bubble happened there because the federal government through the Community Reinvestment Act mandated that poor people, especially minorities, be given mortgages regardless of their creditworthiness. The subprime category was established to comply with this mandate. Paul rightly calls this affirmative action lending. The main factor in lending became race instead of ability to pay and credit history.
The United States is now obviously in decline and social disorder is spreading after a brief hiatus. Just look at places like Ferguson and Baltimore where the police were ordered to stand down and let the riots continue. Meanwhile the rioters were having a great time destroying property, taking selfies, and posing for television cameras. Resisting arrest has been basically decriminalized in the mainstream media.
It is apparent that the country is in the same "bread and circuses" stage as the declining Roman Empire. Today the bread is massive welfare spending and massive inflation of the currency. The main circuses are the biennial national elections which are the country's main form of entertainment. The elections are basically a ceremony where people pay homage to the myth that they govern. Meanwhile the real ruling elites such as the Supreme Court and the Federal Reserve make all the important decisions.