End the Fed, by Rep. Ron Paul


(Click for Amazon book review)

OnTheIssues.org BOOK REVIEW:

Economics is known as "the dismal science." Rep. Ron Paul does his best in this book to explain economics entertainingly, but it's a pretty dismal book. Paul does a fine job explaining economics as well as his policy prescriptions for the economic future -- but the "dismal science" topic disallows Paul's usual entertaining style. If you want to understand this economic crisis, plow through this book. But if you want an entertaining book, try Paul's other books (linked below).

The title "End the Fed" derives from a chanting crowd during the 2008 election: "The title of this book comes from a slogan that can be heard at rallies all around the country. I first heard it at the University of Michigan in October 2007. When I mentioned monetary policy, a small group chanted, 'End the Fed! End the Fed!' The whole crowd of 4,000 took up the call. Many held up burning dollar bills, as if to say to the central bank, you have done enough damage: your time is up." (p. 4)

Back to the dismal science: Some of Paul's points:

The Fed creates money out of thin air, as opposed to basing it on gold. (pp. 2-3) The Fed's money monopoly depreciates the dollar (pp. 6-7) The Fed was founded in 1924 to end all business cycles & panics, but obviously has not (pp. 24-27) We should restore the gold standard (backing dollars with gold) which Nixon ended in 1971 (pp. 44-46)

Paul goes into much more technical detail on many other issues too -- he really does explain how money works; how the Fed manipulates the system; and why politicians prefer to keep the system that way. If you're going to study the dismal science, and don't mind the libertarian take, this book really is the best way to learn it!

-- Jesse Gordon, editor-in-chief, OnTheIssues.org, June 2011

OnTheIssues.org excerpts:  (click on issues for details)

Budget & Economy     Rand Paul: Federal Reserve is insolvent, by private bank standards.     Rand Paul: More oversight of the Fed; less of community banks.     Rand Paul: Audit the Fed: currently no jurisdiction to do so.     Hank Paulson: 2008 downturn in housing market caused crisis & recession.     Milton Friedman: The Great Depression was the fault of the Federal Reserve.     Milton Friedman: Money supply needs to expand, to support economic growth.     Ron Paul: Fed has ominous power with no oversight & no control.     Ron Paul: Paper money in unconstitutional; only gold is legal tender.     Tim Geithner: 2008 errors: money supply too loose; interest rates too low.     Barack Obama: Some wealth of the last economic boom was illusory.     Richard Nixon: 1971: "We are all Keynesians now"; end the gold standard.     Ron Paul: Economic crisis demonstrates that Fed must come to an end.     Ron Paul: Security or growth: you can't have both.     Ronald Reagan: No great nation abandoned gold standard and remained great.

Corporations     Bernie Sanders: Bank bailout was socialism for the rich.     Ron Paul: Inflated currency benefits some industry's CEO salaries.     Ron Paul: Auto company nationalization is fascism.

Free Trade     Ron Paul: Market can sort out mess created by central banks.     Ron Paul: Inflation is regressive & results in protectionism.

Government Reform     Bernie Sanders: Introduced Federal Reserve Transparency Act with Ron Paul.     Ron Paul: Paper money makes Congress believe it has no spending limit.     Ron Paul: Introduced Federal Reserve Transparency Act with Sen.Sanders.

Homeland Security     Ron Paul: Politically convenient wars are not at all necessary.

Principles & Values     Ron Paul: 1971 dropping of gold standard prompted first run for office.

Tax Reform     Ron Paul: Disastrous tax code contributes to underground economy.

War & Peace     Ron Paul: Century of war correlates with century of central banking.

Welfare & Poverty     Ron Paul: Moral hazard permeates a welfare state.

Click for quotations from other sources by: Barack Obama Bernie Sanders Hank Paulson Milton Friedman Rand Paul Richard Nixon Ron Paul Ronald Reagan Tim Geithner

The above quotations are from End the Fed, by Rep. Ron Paul.

Autobiographies for 2012 GOP primary candidates: No Apology, by Gov. Mitt Romney, Mar 2, 2010 Real Change, by Speaker Newt Gingrich, Dec 18, 2007 Biographies: CEO of SELF, by Herman Cain, 2001 Joe Biden: A Life of Trial and Redemption, by Jules Witcover, 2010 Rick Santorum: A Senator Speaks Out on Life, Freedom, and Responsibility, 2005 Michele Bachmann: Why She Will Win, by Ron Paul Jones, 2011 A Mormon in the White House? 10 Things Every American Should Know about Mitt Romney, by Hugh Hewitt Mitt Romney: The Man, His Values and His Vision, by Lisa Ray Turner and Kimberly Field Deliver Us from Evil, by Sean Hannity

Policy books: Confidence Men, by Ron Suskind, 2011 Core of Conviction, by Rep. Michele Bachmann, 2011 It Takes a Family, by Sen. Rick Santorum, 2005 On My Honor, by Gov. Rick Perry, 2008 End The Fed, by Rep. Ron Paul, Sep 16, 2009 Gold, Peace, and Prosperity: The Birth of a New Currency, by Ron Paul, 2007 My Journey to the White House, by Herman Cain, 2011

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