Review of Ron Paul’s End the Fed
Destined to be made a best seller by his ever growing devout following, Ron Paul’s End the Fed lays out in plain language the history and practices of the Federal Reserve System. Ron Paul makes his case against this system using philosophy, the United States Constitution, Austrian economics and the Libertarian ideology.
However the book is far from a dry scholarly work. It is packed full of personal anecdotes Dr. Paul experienced along the way in his fight against the central banking institution.
For those who are already familiar with Dr. Paul’s arguments against the Fed, his first hand accounts of battling the Fed for the last 30 plus years are alone worth the price of admission. He begins all the way back at his childhood growing up in Pennsylvania when he learned the value of a penny working for his family’s dairy business.
Along the way he crosses paths with the heroes of Austrian economics including attending one of Ludwig Von Mises’ final lectures, conversations with Henry Hazlitt, and working side by side with Murray Rothbard and Lew Rockwell on his congressional campaigns and career.
At one point Dr. Paul even had breakfast with then Fed chairman Paul Volcker. An interesting detail of that breakfast is that when Volcker arrived, before even saying hello, he demanded that an aid give him the current price of gold.
What these stories remind the reader is that Ron Paul has been fighting this fight for decades and now with the arrival of this book, he is at the height of his powers as it was just announced today that his HR 1207, which would audit the Federal Reserve will be brought up for a hearing in a few short weeks.
Ron Paul has now surpassed his mentors in the Austrian school by first mastering the material and then enacting change by attempting to make the philosophies of the Austrian school law.
The country is used to seeing Ron Paul chip away at the theory of Keynesian economics through sound bites and 5 minutes speeches on the house floor, so to have a full document that lays out the entire argument with all of the evidence is helpful in understanding the full picture.
The book includes several lengthy exchanges between Ron Paul and Federal Reserve chairmen Alan Greenspan and Ben Bernanke.
Perhaps the most chilling of the exchanges transcribed in the book took place on November 8th of 2007. At the time the US economy was on the brink of plunging into depression and Ron Paul confronted Chairman Bernanke on just how interest rates are lowered. Ron Paul writes in the book that on this day Bernanke was in “fully propaganda mode.”
In Ron Paul’s now famous words that day he pleaded with Bernanke, “There is a dollar crisis out there! People’s money is being stolen! People who have saved they are being robbed.”
To which Bernanke replied, “…the only effect it has on their buying power is that it makes imported goods more expensive.” Full propaganda mode indeed.
The central point that Ron Paul makes again and again throughout the book, is that not only is the Federal Reserve and the idea of a central bank bad economic policy, it is immoral and criminal. He repeatedly equates the lowering of interest rates with counterfeiting currency.
Dr. Paul contends that politicians are likely to always demand more of the same. So the burden to demand change now lies with the American people.
Dr. Paul admits that abolishing the Fed would not be a cure all, but it would dry up the funds that make it possible for Washington to fight unnecessary wars and run up obscene
deficits. And without the Fed the boom and bust cycle would virtually disappear. At one point in the book Dr. Paul lists every US recession since the creation of the Federal Reserve in 1913, there have been 19 including the current recession.
Ron Paul says while the future looks grim and it looks as though the banking elite are preparing for a fight, he closes the book with these encouraging words:
“There is a rumbling in the heartland and anger is building, harnessing that anger and converting it into positive and constructive energy could have favorable consequences beyond our imagination. Its time to become energized…”
I hope we can do just that.
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