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End the Fed

by Ron Paul, Bob Craig (Narrator)

4.02 · rating details · 963 ratings · 204 reviews

In the post-meltdown world, it is irresponsible, ineffective, and ultimately useless to have a serious economic debate without considering and challenging the role of the Federal Reserve.
Most people think of the Fed as an indispensable institution without which the country's economy could not properly function. But in END THE FED, Ron Paul draws on American history, econo...more

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Published September 16th 2009 by Hachette Audio (first published 2009)

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Sep 15, 2011

Bird Brian rated it

· review of another edition

Recommends it for: Ian, Whitaker... aw hell, everybody!

Shelves: government-lies, corporate-lies, hardcore-truth-series

"…so when the money failed in the land of Egypt and in the land of Canaan, all the Egyptians came to Joseph and said,
'Give us bread, for why should we die in your presence? For the money has failed.'"

-Genesis 47:15 (King James Version)

I got this book in January, after a snowstorm stranded my wife and I in Chicago for five days. Naturally, we did what any couple would do under the circumstances: we visited the Chicago branch of the Fe...more

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Sep 20, 2010

Rasheed rated it

Recommends it for: All Americans; all students and teachers of Economics/Finance/Commerce

Recommended to Rasheed by: Infowars.com

Shelves: non-fiction, economics, favorites

The greatest enemy of liberty is the privately-owned central bank known as the U.S. Federal Reserve, the operations of which are shrouded in secrecy. When the Fed prints a new dollar, the value of each one in circulation goes down. The Fed shouldn’t be allowed to print money for the same reason you or I aren’t allowed to counterfeit.

The Tenth Amendment to the Unites States Constitution says that states aren’t allowed to declare as money whatever they want. Article 1, Section 10: “N...more

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Jan 25, 2012

Ob-jonny rated it

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End The Fed lays forth a pretty convincing case that the Fed is the main cause of the boom/bust cycle in the American economy. I the repetitions of this boom bust cycle, the boom is inevitable smaller than the bust and the country is worse off in the long run. When the Fed prints money it reduces unemployment in an artificial way which can only be temporary. When money is injected into the system then new people are hired due to the temporary increase in demand. But the money eventually filt...more

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Dec 23, 2011

Ed Wagemann rated it

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End The Fed by Ron Paul

I first developed an interest in politics after 9/11. Why on earth would someone hate America that much, I wondered? Who is al qaida? What the hell is their problem with us? So I began paying attention to politics, U.S. foreign affairs in particular. During the Bush/Cheney march to war in Iraq in 2002 I was tuned in and I watched in amazemenat as that administration fed the American public one line of bullshit after another. I mean I was all for getting r...more

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Aug 09, 2011

Darryl Perry rated it

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Never before have I read a book that starts out by stating, "Why you should care"; but that is exactly what Dr. Paul does with "END THE FED". He explains that the Federal Reserve has been given almost absolute power, unchecked of course, over the entire economy with little concern from Congress. Not only does Congress not care about the power of the Federal Reserve, they encourage the Fed to continue involving itself in the economy. "The Federal Reserve System must be ch...moreNever before have I read a book that starts out by stating, "Why you should care"; but that is exactly what Dr. Paul does with "END THE FED". He explains that the Federal Reserve has been given almost absolute power, unchecked of course, over the entire economy with little concern from Congress. Not only does Congress not care about the power of the Federal Reserve, they encourage the Fed to continue involving itself in the economy. "The Federal Reserve System must be challenged," Paul writes, "Ultimately it needs to be eliminated...No single institution in society should have power this immense. in fact, I believe that freedom itself is at stake in this struggle."
Dr. Paul continues by telling of the creation of, as G. Edward Griffin calls it, "The Creature From Jekyll Island". Which, most libertarians are aware, was formed by a small group of powerful bankers who had convinced the government that a "central bank was needed to stabilize the currency." Something the Fed has failed to do in nearly 100 years, thanks in part to fractional reserve banking, fiat currency and artificial manipulation of interest rates. A "dollar" is now worth approximately 5% of it's value in 1913, when the Fed was created; does that sound like a "stabilized currency" to you? It doesn't sound very stable to me, either. Devaluing a currency, as the Fed has done, is nothing less than fraud; just as adding water to a gallon of milk is fraud. Something Dr. Paul learned about early in life working on the family dairy.
Aside from his work on the family dairy, he credits a job with the Pittsburgh Press as helping him become interested in coin collecting. With coin collecting helping him understand the value of money. This led him later to study Mises, Hayek, Murray Rothbard, Hans F. Sennholz and Austrian Economics. it was his study of Austrian Economics along with Richard Nixon's "We're all Keynesian, now"statement and the removal of the Gold Standard that led him to become involved with politics.
Before going into details of his involvement with the Gold Commission and his interactions with Fed Chairmen; Dr. Paul spends a chapter explaining how central banks, all central banks not just the Fed, enable, encourage and fund wars, both legal and illegal, just and unjust. For the most part, all countries throughout history have been limited in how wars are financed; mainly due to have commodity based currencies. But, thanks to the advent of central banking, a government could just turn to the bank and request a large sum of money to fund whatever perceived evil lurked around the corner. The bank complies and expands the currency, reaping the benefits, and passing the cost on to the "little guy" or even worse, a future generation.
During the final days of President Carter's administration, a bill that was co-authored by Ron Paul and Jesse Helms was signed into law creating the Gold Commission. Possibly the most significant action of the Commission was a recommendation that Congress authorize the US Mint to mint a gold coin. The Congress actually authorized 4 coins; 1 ounce, ½ ounce, ¼ ounce and 1/10 ounce. These coins were minted with a legal tender face value, which has only compounded the problems associated with legal tender laws, which need to be repealed as much as the Fed needs to be abolished.
If the first third of the book was good, the last two-thirds is great!
Dr. Paul goes into detail, with transcripts of conversations he's had with both Alan Greenspan and Ben Bernanke. Of the two, at least Greenspan understands, or knows, the arguments for a Gold Standard. Yet, somehow, has lost the knowledge he had in the 1960's when he wrote an essay titled "Gold and Economic Freedom."
After writing about his "Conversations with Greenspan" and "...Bernanke"; he explains why Congress should be interested in monetary policy. One reason being that bad money and unjust taxation, including inflation, encourage the "black-market". "By destroying money and fueling the growth of the state," Paul writes, "the institution of a central bank is the biggest generator of underground criminal activity ever."
He goes on to explain "the current mess" and the Fed's "solution" of throwing more money into the market as being similar to "adding more poison to a poisoned patient amounts to a cure." And, "the current path is prolonging and extending the pain - while causing a slow death dressed up in fancy clothes."
"Why End The Fed?" Dr. Paul explains, "The Federal Reserve should be abolished because it is immoral, unconstitutional, impractical, promotes bad economics and undermines liberty. its destructive nature makes it tool of tyrannical government." The Fed has caused more "bubbles" than would have ever happened had a free market system of competing commodity-based currencies been in existence. In fact, inflation would be mostly non-existent without the Fed.
In the final chapters, Dr. Paul gives a Philosophical, Constitutional, Economic and Libertarian Case for abolishing the Fed. While each of these arguments is slightly different, they are also very similar. In short: The Fed creates inflation; inflation steals wealth from anyone who had saved some of their earnings; theft is illegal, immoral, and unjust. I'm reminded of a quote from Frederic Bastiat, "When law and morality contradict each other, the citizen has the cruel alternative of either losing his moral sense or losing his respect for the law. These two evils are of equal consequence, and it would be difficult for a person to choose between them."
In the end, Dr. Ron Paul explains "The Way Out." But, in an effort to not play the role of "spoiler" I will refrain from giving any details and end the same way Dr. Paul was greeted by 10,000 people when his "Rally for the Republic" speech began, with hopes that one day we can..."END THE FED! END THE FED! END THE FED!"(less)

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Apr 27, 2011

Bernie rated it

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I have a new respect for Ron Paul. He has done a lifetime of homework on this topic and obviously knows what he's talking about. Paul titles his book with a demand: End the Fed. By the end of the book you'll support that demand as he does a convincing job in showing that our nation's economic problems are magnified and often even brought on as a direct result of the actions of the Federal Reserve. Paul starts with a fundamental fact about the Federal Reserve, "After all is said and don...more

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Feb 09, 2011

Derek houston rated it

A very good read! This book should be read by of our congressmen and senators before they take office! Like Dr Ron Paul says conservatives, liberals, democrats, republicans, libertarians, socialists,........There is one thing we can agree on. The unchecked, unregulated, unsupervised, secretive operations by the FED needs more transparency. We have to demand H.R. 1207:Federal Reserve Transparency Act of 2009 sees a vote to ensure A full audit on the FED.
This book was not a "Conspiracy...more

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Sep 10, 2010

getAbstract rated it

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getAbstract Book Review: End the Fed

Everybody cares about money, but do you really understand it? How much do you know about the Federal Reserve, the American institution that plays a profound but secretive role in steering the U.S. economy? Congressman and erstwhile presidential candidate Ron Paul believes that the Federal Reserve, not money, is the root of all evil. In his somewhat repetitious – and sometimes fearful – book, Paul holds the Fed responsible for wars, recessions, depr...more

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Mar 29, 2010

Abe Goolsby rated it

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Shelves: economics-finance

Ron Paul lays the ax at the root of the tree in this book by offering a very understandable explanation of how our increasing economic woes are chiefly attributable to two intertwined realities: the existence of the Federal Reserve and the corresponding system of perpetually debased fiat currency. To put it in even plainer terms, our problem is that our economy, for most of the last century, has been controlled by a giant, government-established and endorsed counterfeiting operation, one that is...more

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Mar 04, 2010

Katie rated it

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Scary. China's inflation is the residual effect of our inflation; we are consumers to them; no longer are we producing--so what happens when China's bubble bursts (it will in six months to a year, maybe two, just as our housing bubble burst within six years of its making...we can't afford their commodities, and we are their strongest demand...ie look at all your kitchen product brand names. Consider China's population and tolitarian state. Consider its negotiations with the ME for a new currency...moreScary. China's inflation is the residual effect of our inflation; we are consumers to them; no longer are we producing--so what happens when China's bubble bursts (it will in six months to a year, maybe two, just as our housing bubble burst within six years of its making...we can't afford their commodities, and we are their strongest demand...ie look at all your kitchen product brand names. Consider China's population and tolitarian state. Consider its negotiations with the ME for a new currency, and perhaps Euro, as justifiably Greece just did today, rather than the dollar). Consider Russia's disdain for the US, siding with Iran when the gold standard inevitably will come into play. In the near, near future, China will need its money back. Temporarily, for reassurance, in case the stimulas plan backfires (which it will due to the FED's insistance on maintaining private ownership and insolvent deals with big corp. they will be unable to justify, or pay back) the US will soon heed to a Chinese 'eminent domain' on American soil. We will be unable to pay any of our debt, maybe some, but hardly sufficient. And so the Chinese, along with Russia and the Middle East invade the US, maybe disguised,maybe not...

So what then? When the US is inundated with debt to our Chinese bank that depends on the dollar that no longer exists? What happens when a business declares bankruptcy?

Long story short--DMV sized lines for rice and water: two/five years. Five/seven years, US banks closed, gone. Dollar is dead. Banks shut down. Civil unrest, not just in the US, but globally.

Paul's point : Edit the FED now, rather than later, because later, according to all the reputable sources he quotes, will mean the the United States will, indee become a third world country at best, if not bought state by state (depending on each state's deficit, agriculture, resources,etc) by other nations.

At least the great depression wasn't global... yikes. The congressman, from what I gather, has no intention other than to inform, so his proclivity for honesty is seldom rebutted by the genius economists of our time, only rebutted by the right wing (and the left: note the dire need for health care reform. Briefly as a cliffnot, health care will help lower our deficit and dependence on big business)...owned by guess who? Global big business. Personified by President Bush's new land ownership in South America? Why would a former president purchase thousands upon thousands of acres in Paraguay?

The constitution had its merits, if only, claims Paul, we would have abided by it.

(less)

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Feb 11, 2010

Mike rated it

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Shelves: economics

My definition of a heroic person has three parts. They must be:
1. A speaker of truth
2. One who speaks truth in the face of great opposition.
3. One who lives out the truth they speak.
By these criteria, Ron Paul has always been an heroic figure on the American political landscape. Variously claimed by conservatives, liberals, populists and Libertarians as their candidate, Ron Paul just calls things the way he sees them. Coupled with Peter Schiff and other members of the Aus...more

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Jan 02, 2010

Alex rated it

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Shelves: libertarian-limitedgovt, nonfiction

Although most of us are familiar with the Federal Reserve most of us don't think twice about how this organization operates or the ramifications of its policies on our economy. Did you know that the Federal Reserve is made of private banking institutions who benefit from inflation while US citizens pay the price in higher costs? Or were you aware that this quasi-governmental organization is not subject to the same audit requirements that normal governmental agencies are subject? The book includ...more

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Dec 31, 2009

Desiree rated it

· review of another edition

A definite must read! Lots of scary stuff here about the US government's monetary policies. Once the US went off the gold standard, they were, and still are, free to print all the money they want. Therefore, there is no way to protect savings from confiscation through inflation. There is no safe store of value. A lot of the blame is placed on Greenspan who planted the seeds for our current financial calamity. Now that he is gone, we cannot continue to inflate our way out. Just as a disease can n...more

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Nov 26, 2009

Mark rated it

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Let me preface my review by saying that this is my first introduction to Congressman Paul's written work, and so I must focus my observations on his conclusions to the scope of this book and its topic - the Federal Reserve, it's history, and the case for its disbandment.

Where this book succeeds is as an impassioned and very convincing elucidation on the fraudulent nature of the fiat capital system and the undeserving mystique that surrounds it. Paul's approach is direct and to the p...moreLet me preface my review by saying that this is my first introduction to Congressman Paul's written work, and so I must focus my observations on his conclusions to the scope of this book and its topic - the Federal Reserve, it's history, and the case for its disbandment.

Where this book succeeds is as an impassioned and very convincing elucidation on the fraudulent nature of the fiat capital system and the undeserving mystique that surrounds it. Paul's approach is direct and to the point, and certainly does not patronize the reader in an earnest attempt to play utterly fair. His view is also patently "big tent" and does not focus in on any one party identity as the cause of social ills. Instead, he argues, and after some examination of his points, that the system of fiat money is directly to blame of the social environ that gives rise to much public injustice. With the wealth of good argument supplied, the undecided reader will likely agree with this point.

What the book is not, however, is a detailed blueprint as to what kind of monetary system could practically replace the current unjust fiat system and how such a system could be enacted, and that is sorely wanted for as one works though all the reasons the current system is invalid. Paul is very educated on his subject, and the sources he cites, among them famous Austrian School Economists that he identifies as personal heroes, are included in the book. I find it unlikely that he does not have a feasible replacement in mind or that he is incapable of clearly sharing it in his book - it would rather seem that his zeal and agitation to discount the current system have lead to a book that dedicates every chapter save one to negative didactic rather than constructing a replacement. By the time you are utterly convinced, you are craving an explanation of the intended new direction that is as detailed as the section dedicated on attacking the current - and instead only one chapter is provided.

Paul is an admirably honest voice, and he has done the American individual a favor by giving us this book. I sincerely hope that he continues in his struggle, as it at the very least stimulates a much needed dialogue in this country. Just taking this work on its own merits as a roadmap to sound money however, it could do with more Rousseau and less Cato the Elder.(less)

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Nov 03, 2009

Dylan rated it

Shelves: audiobooks, books-i-own

This helped me understand the difference between fiat money and what Paul refers to as "sound" money. No doubt he's right that the Fed, like all powerful institutions, exists to concentrate its power further. The most interesting idea to me is that when the Fed creates money (i.e. inflates the dollar) the first receivers of the new money (banks, government agencies, corporations) can use it before it loses its value. By the time it reaches the last receivers (the average consumers) its...moreThis helped me understand the difference between fiat money and what Paul refers to as "sound" money. No doubt he's right that the Fed, like all powerful institutions, exists to concentrate its power further. The most interesting idea to me is that when the Fed creates money (i.e. inflates the dollar) the first receivers of the new money (banks, government agencies, corporations) can use it before it loses its value. By the time it reaches the last receivers (the average consumers) its value has been lost because the market has realized inflation has occured. Sound money in contrast requires no central bank because the money supply remains constant. (Virtually the only example of this kind of currency used consistently for the last 6,000 years is gold.)

I'm no economist, but it seems like all the money from all the economic recovery programs of the last year is still being played with by the first receivers as the Dow has surged and unemployment has climbed to 10%. If those last receivers ever see the money and unemployment goes down, the dollar will lose value, and probably quite a bit of it. People will find their paychecks don't buy very much, and their savings, as Paul would put it, have essentially been stolen by the banks, government agencies and biggest corporations.

But this information can be found elsewhere, and I wouldn't recommend reading this for a concise explanation of such things. Paul uses scare-words like communism and totalitarianism and platitudes like freedom and self-reliance to make his points. He is clearly playing to a certain demographic of which I'm not a member. I obtained this book illegally, though, so I can't complain. Libertarians only go halfway with their advocacy of "freedom." The state is only part of the system of oppression. Private wealth has been concentrated in the hands of a few since it came to exist along with the state. The two are inseparable and have become the hosts for unchecked technological progress that together threaten to do much worse than further disposses the majority. The solution has nothing to do with the movement to end the Fed.(less)

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Oct 24, 2009

Ron rated it

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"His dominion is an eternal dominion; his kingdom endures from generation to generation. All the peoples of the earth are regarded as nothing. He does as he pleases with the powers of heaven and the peoples of the earth. No one can hold back his hand or say to him: 'What have you done?'"
(Nebuchadnezzar's confession Dan 4:22ff.)

Ron Paul's, "End the FED" serves as a grand demonstration of God's providence ordering all things that come to pass. He does not sta...more

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Sep 17, 2009

Ryan rated it

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Recommends it for: everyone

Shelves: economics, nonfiction

This latest book authored by Congressman Ron Paul is timely and important. Dr Paul lays out the economic catastrophe facing our nation. He ties the current fiasco to the Federal Reserve, our nation's central bank, and the powers it has assumed to regulate monetary policy through control of interest rates, reserve requirements, purchase of debt, and other maneuvers. He makes a strong case for not only auditing the Fed (through current legislation he has proposed in Congress) but also ending the i...more

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Oct 13, 2011

Clinton rated it

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Shelves: favorites

End the Fed demands the abolishment of the Federal Reserve System. The Federal Reserve is the central bank of the United States; it is the exclusive lender of United States currency, and it is a public monopoly for creating money. Therefore, the Federal Reserve is a private bank but under the jurisdiction of the United States government.
The Federal Reserve was bestowed with great power under the Federal Reserve Act of 1913, and incrementally, the aggrandizement of this entity is ominously...moreEnd the Fed demands the abolishment of the Federal Reserve System. The Federal Reserve is the central bank of the United States; it is the exclusive lender of United States currency, and it is a public monopoly for creating money. Therefore, the Federal Reserve is a private bank but under the jurisdiction of the United States government.
The Federal Reserve was bestowed with great power under the Federal Reserve Act of 1913, and incrementally, the aggrandizement of this entity is ominously increasing without any real oversight, audit and control by Congress. Congress is so blind that they barely even understand the magnitude and refuse to address the limitations of paper money. Thus, the Federal Reserve possesses an unimaginable preponderance over money and credit. It has the power to create money or credit out of thin air by inflating the money supply through lowering interest rates and no oversight over the logic and rational. Ron Paul has four reasons why the Fed should be abolished.
First, the philosophical case against the Fed is a moral stance. It is based on sound money where the central bank is unnecessary, and money is supported by a gold standard. The current system breeds fraud and corruption, and they are both accomplished by inflating the money supply, redistributing wealth by force and bailouts.
Second, the constitutional case against the Fed is vested in Article I, Section 10 and the Tenth Amendment of the United States Constitution, yet the Supreme Court ruled in favor of Article I, Section 8 as for the justification of the Federal Reserve System in the historical McCulloch vs. Maryland case where the Tenth Amendment was completely ignored.
Third, the economic case against the Fed is inflation. Inflation is the most severe and regressive form of taxation. It encourages deficits, needless wars and excessive welfare spending. Inflation is monetary thief.
Lastly, the libertarian case against the Fed is as government expands, liberty suffers. Regardless of the intentions of government intervention whether social, economic or security, it hinders liberty at the hands of paternalism.
Overall, Ron Paul is a man of great passion, honesty and enthusiasm for real equality through more freedom and liberty rather than government taxation by force, and the abolishment of the Federal Reserve is a step forward. End the Fed is a wildly intriguing and witty interpretation of what sound macroeconomics should be regarding money. Ending the Fed will not be easy because the powerful elite severely enjoy this current system, and they will hold tight, but if the people come forth, the financial system will be everyone’s. “It is freedom we seek, and when that precious goal is achieved, the chant ‘End the Fed’ will become reality. End the Fed is one of my favorite non-fiction books. It is an excellent examination of what sound money is.(less)

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Jan 25, 2010

Brett Tompkins rated it

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This book was pretty interesting and opened up my eyes to some things I should probably be aware of. It also helped to boost my understanding of how the economy works, and how the federal reserve fits into that whole world. It was difficult for me to follow at times and I felt like he was saying the very same 3 or 4 things over and over again. Inflation is immoral. Inflation is robbing middle and poor Americans of Wealth. The fed uses inflation to fund wars and welfare. Gold is good. Okay...more

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Oct 28, 2009

Brian rated it

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An excellent, thought-provoking--yet brief enough to read in a day or two (though some chapters you may want more time to ponder and research)--book.

I was attracted to Ron Paul via his campaign for president in 2008. I believe I had heard of him before, but he was never in the forefront so his voice was muffled by the noise of larger candidates.

Of all the candidates 2008 he seemed to be the most grounded, the most sound in his arguments, and the least likely to fling th...moreAn excellent, thought-provoking--yet brief enough to read in a day or two (though some chapters you may want more time to ponder and research)--book.

I was attracted to Ron Paul via his campaign for president in 2008. I believe I had heard of him before, but he was never in the forefront so his voice was muffled by the noise of larger candidates.

Of all the candidates 2008 he seemed to be the most grounded, the most sound in his arguments, and the least likely to fling the rhetorical BS. His call for less gov't intrusion in our own lives as well as overseas struck a chord. It definitely goes against everything we have been taught over the years about how our economy is "the best in the world," or our educational system is the "most sound," or how we are the lone superpower and have a duty to be the "world's policeman." The situation in 2007-8 seemed to fly in the face of all those old paradigms and I felt he was the only candidate speaking so frankly about breaking down those old paradigms we are all indoctrinated by from our parents, teachers, professors, co-workers, as well as just friends and colleagues.

Ron Paul's popularity is finally starting to grow but it is not because of his natural charisma--but because of his age-old ideas of "normalcy" that founded our country. The principles behind our Constitution were not gov't intervention into each and every corner of our lives or the world. We need to respect the wisdom of those Founders because we have gone astray. We have become a nation of dependencies and believing that there truly is wealth & happiness that can be gained from thin-air. The very things are parents always taught us ("money doesn't grow on trees") is simply being turned upside down by the very country and gov't we are supposedly protected by. But that protection is a ruse when it encourages and allows our elected leaders to fleece us and rob Peter (who has been working hard and earned his wealth) to pay Paul (who is wealthy already and doesn't need anymore).

I am not a full-fledged Ron Paul-ophile, yet. But his call for throwing off the chains of the Fed and returning back to responsible economic principles of the free-market and savings, is very appealing. Imagine an actual return to those principles to get us out of these times (yes, it will be painful at first) instead of perpetuating and encouraging the very people that screwed us in the first place to continue doing so. Something is bass-ackwards about that belief...and hopefully Rep. Paul and those he inspires in the future will open our eyes and come to our senses. (less)

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Jan 01, 2010

Howard Olsen rated it

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Pretty good polemic from a guy who has become the right-wing equivalent of Ralph Nader - an elderly radical who appeals to young voters looking for purity in politics and business. Not me, I'm a wizened old cynic. Paul is very good on the history and function of the Federal Reserve. He is excellent on the moral aspects of monetary policy, pointing out that the loose money policies favored by banks and big government is punishing towards the prudent and thrifty. And, Paul is absolutely right tha...more

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Oct 31, 2009

Brent rated it

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Shelves: economics, government, libertarian, non-fiction, politics, public-policy

Ron Paul's "End the Fed" is the clarion call for Americans to awake and realize how the federal government is destroying wealth and future prosperity through the inflationary policies of the Federal Reserve System.

Paul explains the history of America's central bank, how it was created to serve a select few in the banking sector, and how its power has constantly expanded to meddle with and manipulate the value of the dollar. Paul reveals that the Fed's monetary policy of si...more

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Sep 28, 2009

Brian rated it

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Shelves: economic-history, politics

This is probably the scariest book I've read in my life. The destructive nature of the FED is fully exposed in this book and you don't need to be an economist to understand it. Ron writes clearly and passionately, with his typical humorous and unassuming manner.

There are other great reviews on this book that get more in depth but what is so important to me about this book is it showed me my own errors in thinking that have caused a lot of havoc in my life, and the government lives by...more

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Aug 25, 2010

Nick Klagge rated it

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Shelves: economics

I picked this book up because I know that it gives voice to feelings that a lot of Americans share, and I thought it would be worth trying to understand that movement.

When I started this book, I at least respected Ron Paul for being consistent--he not only opposes the Fed and other "liberal" government programs, but also conservative centerpieces like the invasion of Iraq. But as I read this book, one of the main things that jumped out at me was his inconsistency on econom...moreI picked this book up because I know that it gives voice to feelings that a lot of Americans share, and I thought it would be worth trying to understand that movement.

When I started this book, I at least respected Ron Paul for being consistent--he not only opposes the Fed and other "liberal" government programs, but also conservative centerpieces like the invasion of Iraq. But as I read this book, one of the main things that jumped out at me was his inconsistency on economic matters. He poses as taking a hard conservative line on everything--not only is he opposed to the Fed, but also to the FDIC and even the existence of fractional reserve banking (which is a necessary precondition to the bank runs against which the Fed and FDIC are supposed to protect). He says that financial institutions should be separated into custodian-type banks, that basically hold your money under the mattress, and investment-conduit type entities without demand deposits. That way, everyone investing in the conduits would be aware that their money was at risk, and if a custodian bank failed, it would be prosecuted for fraud. First, I think that Paul underestimates the level of regulation that would be needed to enforce these rules. Indeed, fractional-reserve banking is a free-market invention and it is strange that Paul, the self-styled free-marketeer, would oppose it. Second, I think Paul vastly underestimates the desire of the average saver for a risk-free savings vehicle and for demand deposits. Under Paul's system I would expect a near-complete depletion of the supply of funds available for credit, massively restricting the funds available for investment.

It also strikes me as odd that self-styled free-marketeers like Paul support the gold standard so strongly. After all, setting a conversion rate between gold and dollars is identical to government fixing of the price of gold--not exactly a free-market idea. What's more, I imagine Paul would like all countries to be on a gold standard, which is equivalent to saying that all exchange rates should be fixed, again by government fiat. These inconsistencies are apart from all the other ludicrous outcomes that would result from maintaining the gold standard, such as the fact that if another country were able to steal our gold reserves our currency's value would go to zero immediately, or that the level of gold production would be the (completely arbitrary) determinant of the money supply.

Overall Paul's book is in the classic style of Austrian economics. It is devoid of empirics and relies completely on logical syllogism. Many of these syllogisms appear superficially sensible but in fact rely on extremely problematic premises, such as the very common analogy of the government budget to a personal budget. It relies on fuzzy semantics and conflation of different issues. The main example of this is the definition of the term "inflation". Mainstream economists define this as the rate of change in the aggregate price level--you can debate exactly how to measure this, but the consensus is that the concept is reasonably well-defined. Paul and other Austrians, though, insist that the "real" definition of "inflation" should simply be the rate of change in the money supply, abstracted from any effect on prices. This allows them to draw a very strong connection between central banks and the existence of inflation, but then they turn around and discuss the pernicious effects of inflation on the consumer, implicitly reverting back to the standard definition of inflation (after all, how does the aggregate money supply impact the consumer if not through price levels?). Finally, and most frustratingly, Paul takes the classic extremist's position that no historical fact can serve as a counterargument to his position, because his position is so extreme that it has never actually been implemented in reality (and never will be). Thus he dismisses the massive financial panics of the nineteenth century with a wave of the hand.

Don't mess with my job, Ron.(less)

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Dec 20, 2009

Robert rated it

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Absent any special knowledge of economics, one senses Paul is right about the Federal Reserve's responsibility for inflating the dollar and about its being virtually omnipotent with regard to American - and thus worldwide - monetary policy. He makes a compelling argument that the introduction of the Fed has led to more - not less - volatility (my word, not his). There are many along with Paul who blame the "bubbles" and "crashes" of the last twenty years on the Fed's pro-gro...more

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Jan 02, 2011

Andrew Palmer rated it

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Shelves: informational-read, economics

In my opinion this is a must read for any American remotely interested in understanding modern American history. The story of the last century is a story of the Federal Reserve and its repeated cause of boom and bust cycles through monetary policy. I must admit, I never knew just how much power existed within the manipulation of interest rates.

In 210 pages Paul takes us on a trip through the history of the Fed; his intellectual influences; the importance of having a gold standard and ...more

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Nov 17, 2009

Roberta rated it

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Recommends it for: anyone who's fed up with the way this country is being run

My hero, Ron Paul, explains why we need to end the Federal Reserve System. Not being a student of economics or politics, I really did not understand how the Federal Reserve works. I didn't know the difference between fiat money and commodity money. I didn't realize the power and the secrecy of the Fed. I didn't know that FDR had made it illegal for US citizens to own gold bullion coins and that that order wasn't revoked by Congress until 1975. This is scary stuff.

Much as I love...more

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Dec 23, 2011

Reese Copeland rated it

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I began reading this book in a desparate effort to understand Ron Paul and why he's so popular. I can honestly say, I still have no idea why he's so popular. He makes a good case, at the very least, for how it's a Dual Relationship the Federal Reserve has with the Federal Government. Definitly a conflict of interest. He also makes a good point that when the Fed simply makes more money, inflation sky rockets, and somehow the Fed is left unaccountable. So, while he does make some great points...more

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Jan 21, 2011

Muneel Zaidi rated it

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Shelves: non-fiction, non-fiction-social-science, audiobook

Congressman Ron Paul makes a good argument against our current system of fractional reserve banking, money not backed by anything but trust, and an all too powerful Fed that seems to be autonomous. The Federal Reserve is a system that is designed to fail by it's very nature, and sooner or later it will. If you have ever done any research into the federal reserve, or are an economist, a lot of the information presented is review, and some of the conclusions seem outlandish. In the end, however, P...more

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Nov 25, 2010

Jesse Schexnayder rated it

· review of another edition

If you're having difficulty understanding the reasons for the economic woes the USA has been experiencing lately, then you need to read this book.

The Fed, as instituted in the early 20th century, has enabled our government to vigorously expand to the point it has reached today. Though you may or may not agree with the long term sustainability of a fiat non-commodity paper money system, you should realize that we have, at the very least, reached an impasse. The free market is not to bla...more

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About Ron Paul

Republican United States Congressman from Lake Jackson, Texas, a physician, a bestselling author, and a former 2008 U.S. presidential candidate.
Originally from the Pittsburgh suburb of Green Tree, Pennsylvania, he studied at Duke University School of Medicine; after his 1961 graduation and a residency in obstetrics and gynecology, he became a U.S. Air Force flight surgeon, serving outside th...moreRepublican United States Congressman from Lake Jackson, Texas, a physician, a bestselling author, and a former 2008 U.S. presidential candidate.
Originally from the Pittsburgh suburb of Green Tree, Pennsylvania, he studied at Duke University School of Medicine; after his 1961 graduation and a residency in obstetrics and gynecology, he became a U.S. Air Force flight surgeon, serving outside the Vietnam War zone. He later represented Texas districts in the U.S. House of Representatives (1976–1977, 1979–1985, and 1997–present). He entered the 1988 presidential election, running as the Libertarian nominee while remaining a registered Republican, and placed a distant third.

Paul has been described as conservative, Constitutionalist, and libertarian. He advocates a foreign policy of nonintervention, having voted against actions such as the Iraq War Resolution, but in favor of force against terrorists in Afghanistan. He favors withdrawal from the North Atlantic Treaty Organization and the United Nations, citing the dangers of foreign entanglements to national sovereignty. Having pledged never to raise taxes, he has long advocated ending the federal income tax, scaling back government spending, abolishing most federal agencies, and removing military bases and troops from foreign soil; he favors hard money and opposes the Federal Reserve. He also opposes the Patriot Act, the federal War on Drugs, No Child Left Behind, and gun control. Paul is strongly pro-life, and has introduced bills to negate Roe v. Wade, but affirms states' rights to regulate or ban abortion, rather than federal jurisdiction.

While Paul was a leading 2008 presidential candidate in some Republican straw polls, he saw substantially less support in landline opinion polls and in the actual primaries. Strong internet grassroots support was indicated by his popularity as a web search term, his lead in YouTube subscriptions, and, on December 16th 2007, the largest one-day fundraiser in U.S. political history, netting over $6 million in 24 hours through an independently organized effort. His book commenting on the presidential run, The Revolution: A Manifesto, became a bestseller immediately upon release and went on to be #1 on the New York Times nonfiction best sellers list.

Judge Andrew Napolitano calls him "the Thomas Jefferson of our day."

Ron Paul, the New York Post once wrote, is a politician who "cannot be bought by special interests."

"There are few people in public life who, through thick and thin, rain or shine, stick to their principles," added a congressional colleague. "Ron Paul is one of those few." (less)

More about Ron Paul...

Books by Ron Paul

Liberty Defined: The 50 Urgent Issues That Affect Our Freedom

A Foreign Policy of Freedom: Peace, Commerce, and Honest Friendship

The Case for Gold: A Minority Report of the United State Gold Commission

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