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Gold, Peace, and Prosperity Paperback – 2007

3.9 out of 5 stars 22 customer reviews

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Paperback, 2007

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Product Details

  • Paperback: 91 pages
  • Publisher: Mises Institute (2007)
  • Language: English
  • ASIN: B000XG6SAM
  • Product Dimensions: 8.8 x 5.5 x 0.2 inches
  • Shipping Weight: 4 ounces
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (22 customer reviews)
  • Amazon Best Sellers Rank: #2,690,165 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By George F. Smith on November 6, 2007
Format: Paperback
Ron Paul's easy-reading 57-page monograph addresses the history and current condition of our money and banking system, which he argues is solely responsible for inflation. Dr. Paul, a rising star among presidential candidates, originally entered politics in the 1970s because of his strongly-held convictions about Austrian economics in general and honest money in particular. Among the points he makes are:

* The 1913 Federal Reserve Act made it possible to finance our catastrophic entrance into WW I.

* The Fed's structure was inherently inflationary, requiring only a fraction of gold backing for notes and deposits.

* Contrary to mainstream views, depressions are the result of creating money out of thin air, which is how Austrian economists define inflation. For obvious reasons the monetary authorities never refer to it this way, but instead describe it as Fed open market purchases, or providing "liquidity" or "accommodation." Inflation thus increases the money supply artificially, an operation identical in its effects to counterfeiting, and fosters the malinvestments that make a correction (recession) necessary.

* Unlike previous panics and recessions in which government stayed out of the way, the 1930s depression was deepened and prolonged by massive government intervention on the part of both Republican and Democratic administrations.

* Popular myth blames unions or business for inflation by jacking up wages or prices arbitrarily. This is an effect, not a cause. inflation is the prerogative of the people in charge of the money supply.

* A "modern" gold standard would end inflation and the boom-bust business cycle. It would also preserve the value of the money we save.
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Format: Paperback
Lately, if you argue that we ought to return to the gold standard, most people will look at you like you're out of your mind. Unfortunately, most people don't really understand economics.

Read this book if:
- You aren't quite sure what the gold standard is or why we should do it, or if you've never really thought about the issue.
- You're absolutely convinced that the idea is crazy.
- You don't understand what's wrong with inflation or the effect it's having on you.
- You're concerned with the direction of the economy.
- You already believe in the gold standard and want to learn how to defend it better.
- You're a voter. The gold standard may be a big issue in the 2008 election. Plus, Ron Paul himself is running for President; if you're not familiar with him, this book is a great way to find out more about a lot of his positions on economics (I'd also recommend his "Mises and Austrian Economics," which I'm reading now, for that). If you haven't decided who you're going to vote for yet or are unsure as to exactly what you think about the gold standard, you owe it to yourself to read this book. It will certainly help you be an informed voter for this, and future, elections.
For that matter, I recommend this book to just about everyone. This book really helped me understand the issues better. This book avoids using too much economic jargon or getting too technical. It doesn't get bogged down in trivial details. It is concise enough that you can read it fairly quickly, but it is still packed with information. Even if you don't have much training in economics or the word "economics" puts you to sleep (if you had a boring econ professor in college) or gives you a panic attack (if you took econ and hated it), I'd urge you to read this book.
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Format: Paperback
As a university-trained and licensed financial professional, I fully accepted the monetary status quo. Like most people, I probably would have never given the Federal Reserve System a second thought if I had not been drawn into libertarian political philosophy, based in large part by my appreciation for what I considered "the free market."

When I first encountered anti-Fed arguments, it did not make me abandon the views of the Wall Street Journal (to which I faithfully subscribed) or Kudlow & Company (which was set on "Season Pass" on my TiVo), but rather, I steadfastly defended the Fed in the face of largely baseless and inaccurate attacks by people who had watched Freedom to Fascism and skimmed through The Creature from Jekyll Island. These people were so irrational and so flat-out wrong, that I dismissed Ron Paul's monetary views as crankery and thought he was a good candidate "in spite" of his monetary views.

I doubt I ever would have read this book if not for the fact I was contracted to write a series of articles about gold and silver, one of which was to be about Ron Paul's monetary-policy views.

I read this book in one sitting and it was like a kick in the stomach. It is a very odd experience to realize that everything you believed was horribly wrong in a matter of two hours or so.

What makes this concise little book so excellent is that (1) it doesn't deal in conspiracy theories, and (2) it is backed up by solid free-market economic principles. Ron Paul's view at the time was to instate a gold-coin standard, but he was also open to free-market money and free banking. Now, he's pretty much dropped the former and instead argues exclusively for the latter.
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