End the Fed
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Americans have been facing the most significant financial collapse since the 1930s, and instead of a fundamental revaluation of the money machine, all we have gotten is more of the same. In END THE FED, eleven-term congressman Ron Paul gets to the root of our troubles. Simply and clearly, he weaves history, economics, and his own life story, from childhood to Capitol Hill, to tell us how, why, and for whom the Federal Reserve has been pulling the strings of the American financial system for nearly a century-and what we can do about it.After all, the time for real change is now. 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. Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
1 Why You Should Care 12 The Origin and Nature of the Fed 123 My Intellectual Influences 324 Central Banks and War 635 The Gold Commission 716 Conversations with Greenspan 807 Conversations with Bernanke 958 Congress's Interest in Monetary Policy 1149 The Current Mess 12310 Why End the Fed? 14111 The Philosophical Case 14912 The Constitutional Case 16413 The Economic Case 17914 The Libertarian Case 19215 The Way Out 200Suggested Reading 211
