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End the Fed Hardcover – Bargain Price, September 16, 2009
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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.
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"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."
Top customer reviews
Ron Paul on the Federal Reserve. I was already an anti-Federal Reserve patriot, having read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" approximately five years ago. This book is not as long or as detailed as "The Creature From Jekyll Island"; however, "End The Fed" is from a nationally know a liberty advocate and covers the recent economic mess that we are currently in (which transpired after CFJI was written in 1994). We must abolish the Fed if we are to ever be free or have sound money (specie) again! I recommend this work.
The book is about MONEY, the forbidden issue in (American) politics and the FED, the visible hand manipulating money supply and interest rates.
The author starts, among other things, with the discussion of the origin and nature of the FED. He then shares his conversations with two Fed chairmen (Greenspan and Bernanke). At the end he proceeds to present 4 different cases for ending the Fed (moral, constitutional, economic, and libertarian).
I agree with him that the MORAL case should suffice. Nobody should have the right to redistribute the wealth by inflating the money supply. ECONOMIC argument only makes the already strong case even stronger. Loose monetary policies of the Fed coupled with various governmental policies distorting credit markets even further are responsible for malinvestments, which lead to boom-bust cycles, with the boom part being phony, artificial and the bust part being painful, real.
There are many good books on money and credit (and central banking). Ron Paul's End the Fed is one of them. I think it is well written and worth the time. It should help you in your search for the answers to issues you may have long been wondering about, such as:
a) What is the true role of the FED (or any central bank for that matter)? Why do we have to have it?
b) Why is low inflation - in the "modern" (political) sense of the word, that is, rising prices - good, even desirable and why deflation - falling prices - is such a menace for economists (those close to politicians anyway)?
c) Why is inflation - by the "old" (nonpolitical) definition, that is, expansion of money supply (money production) - necessary?
d) Where are the free market forces behind interest rates?
e) Who exactly are the beneficiaries of the (fiat) paper money system?
The whole idea of (fully) ELASTIC money and one institution having monopoly on it must seem DUBIOUS to every intelligent layman.