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 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.