Ron Paul is most well-known for his numerous unsuccessful Presidential bids. He is also known as a fierce Libertarian Congressman who has been a consistent voice for adherence to the Constitution and financial responsibility, in a place (Washington) that doesn’t seem to understand responsibility of any type. In his book, End The Fed, Paul lays out the case for abolishing the Federal Reserve. While it's a cause he has advocated since the early 1970s, Paul’s arguments have finally begun to gain some traction in the nation at large.
Created in 1913 by an act of congress, the Federal Reserve was supposed to regulate currency in such a way that America’s financial system would be much more stable. The actual result, according to Ron Paul, is that the Federal Reserve is the only entity in the country with the legal right to create money “out of thin air.”
As America has drifted away from the “Gold Standard” and embraced paper currency, the value of the dollar can be manipulated by the Federal Reserve’s authority to simply “print more money.” But, as common sense should dictate, printing more dollars only makes the dollars you currently have worth less. The Federal Reserve has the government sanctioned ability to legally counterfeit money to finance whatever the government, or those banks that are in cahoots with government, want to do. Top that off with the frightening reality that the Federal Reserve is not accountable to Congress, nor anyone else. They cannot legally receive a full audit. And they do not have to disclose whom they pay “stimulus” or “bail out” monies to. When questioned by Congressmen, such as Paul, the Fed chairman will simply say it would be “counter-productive” to disclose where the money is going. Or as Paul states, what they are really saying is that it is “none of our business.”
The end result is a financial system that is not only broken, but corrupt and immoral. Make believe “wealth” is propped up by the flooding of more dollars. Banks need not be responsible in their lending practices because of the Feds backing. Economic “booms” such as the recent housing boom give the illusion of financial success, until the bubble bursts. The banks are bailed out. The politicians are seen as heroes. And the common man loses his home. These are just some of the results of the Federal Reserve. And this is why Ron Paul says that this corrupt entity should be abolished.
This book gives a good overview of what the Federal Reserve does, how our financial system worked prior to the establishment of the Fed, and how our world would look without it. The average American has no idea what the Fed is; and is frightened by any talk of changing the current broken system. Change, by nature, is scary. And this is how the Fed likes it. An uneducated and fearful populace is much easier to control. But according to Paul, it’s time to “End the Fed.”
So what would replace the Fed? A true free-market system where supply and demand determine the value of money, rather than an intrusive entity with political interests. Noted economist Thomas Sowell, when asked what you would replace the Fed with stated that you replace it with nothing. As Sowell has said, “if you cut out a cancer, what do you replace it with?” According to Sowell, the Fed is a cancer upon our financial system. And he, like Paul, and a growing number of Americans, believes that the Fed should be abolished.
Regardless of what one thinks of Ron Paul, he does often seem to make sense on economic matters. In End The Fed, he makes the constitutional and moral case for abolishing this dishonest entity. By quoting everyone from Economist Ludwig von Mises to the Lord Jesus Christ, Paul argues that the Fed creates “false measures” that lead to dishonest gain for the elite, at the expense of the average man, and future generations who will foot the bill.
End The Fed will educate, enlighten, and inspire you. Regardless of where you come down regarding your opinion, you will have much more information for deciding your position after reading this short, but informative book.