A blast against central banking this powerful hasn't been seen since the 19th century. The Fed itself has never been subjected to such a whithering critique. And it is from a man who has been fighting the Fed his entire political career. in fact, several chapters here provide documentary evidence of Congressman Paul's own verbal exchanges with Chairman Greenspan and Chairman Bernanke.
What is especially impressive here is that Paul's book goes far beyond old-time populist attacks on the banking elites. He understands Austrian theory as well as anyone, and he has learned from Mises and the whole of his tradition. So here we find patient explanation of the workings of the Fed and how it has distorted the legitimate business of banking, through every manner of intervention.
The political analysis in here is sound but expected. The theoretical analysis is the robust part, and something that few politicians in U.S. history could have provided. In this sense, Ron Paul is unique: courage in public service combined with intellectual rigor. This combination has made him a machine in opposition to the Fed, and this is by far his best presentation of the subject.
It turns up the heat on the Fed as never before. He shows that the central bank bears a large responsibility for the creation of the Leviathan state. It has wrecked our money, funded ghastly wars, and made possible the creation of the social welfare state that is bankrupting us financially and making the population dependent on the state. It has given rise to economic crisis and turmoil of all sorts.
Paul also offers a realistic plan for abolishing the Fed, if not immediately then with incremental steps to reduce its power and eliminate its dominance in American economic life.
Paul wrote this book as a personal statement. But it serves two additional purposes. It educates. And it inspires toward effective action.
The book is about MONEY, the forbidden issue in (American) politics and the FED, the visible hand manipulating money supply and interest rates.
Nobody should have the right to redistribute the wealth by inflating the money supply (MORAL case). Loose monetary policies of the Fed (coupled with various governmental policies) are responsible for malinvestments, which lead to boom-bust cycles, with the boom part being phony, artificial and the bust part being painful, real (ECONOMIC case).
It should help you in your search for the answers to issues such as:
a) What is the true role of the FED? Why do we have to have a central bank?
b) Why is low inflation (rising prices) good, even desirable and deflation (falling prices) such a menace for economists (those close to politicians anyway)?
c) Why is expansion of the money supply necessary?
d) Where are the free market forces behind interest rates?
e) Who exactly are the beneficiaries of the (fiat) paper money system?
San Francisco End the Fed 2013 Event
All Federal Reserve branches, in all cities. Come Join us!
Ron Paul was right. The Federal Reserve is the problem.
Love this book. Great introduction for understanding money, banking, and business cycles. Plus Ron adds even further help with his additional reading based on difficulty.
This is exactly what you will read in htpp/www:reformation.org, to get rid of the Fed because it leaches the American People and this is privately owned as well, not as what they want the American People to believe.
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