I just finished reading Ron Paul’s new book End the Fed and have to say that it was one of the best books I have read in awhile. This is a must read by anyone that cares about their freedom and liberty.
Never has a time been more pressing than now to rid ourselves of tyrannical rule by the likes of the Fed. Its powers are endless, and Ron Paul paints this picture quite well.
The Fed’s policy of creating money out of thin air drives up inflation and puts a hidden tax especially on the middle and poorer classes. The wealthy in power profit from this policy while the rest of us suffer. The central bank thus manipulates the economy to benefit the government and its corrupted cronies and and push us further toward statism.
Take this quote from the book as an example:
From April 2008 to April 2009, the adjusted monetary base shot up from $856 billion to an unbelieveable $1.749 trillion. Was there any new wealth created? New production? No, this was the Ben Bernake printing press at work. If you and I did anything similar, we would be called counterfeiters and be sent away for a lifetime in prison. We would be scorned and hated by everyone as scam artists and racketeers.
As Ron Paul points out in the book, few in Congress see the destruction that the Fed causes because they benefit from its policies. The Fed creates money from nothing and congressmen earmark it for their districts to assure reelection.
He also argues against the mentality that some companies are “too big to fail.” The Federal Reserve has stepped in to claim that certain companies need protection in order to ensure the survival of the economy, but they forget that they are the ones that caused the problem in the first place.
Take this quote from the book:
In a capitalist economy, the prospect of failure imposes discipline and consumer service. It is an essential aspect of the competitive marketplace, whereas a promise against failure only entrenches inefficiency and incompetency.
The American people and most members of Congress don’t have a clue what goes on inside the Federal Reserve and never questioned its existence until now. The idea to end the Fed scares some people because they believe the Fed is there as a protection. They know nothing else, because they were only taught one way. This is not a Democratic or Republican issue, because the defenders of the Fed come from both sides. The Fed finances their political agenda and they could care less about where the money was coming from.
No civilization has survived on a fiat currency system because it will eventually collapse at the hand of inflation. Our current money has value because we agree that it has value. It is not backed by anything other than the word of our government and others.
The time has come to take back this country from the hands of bankers. End the Fed is a great read even for complete economic novices. Ron Paul explains the issues in laymen’s terms.
This final quote from the book sums it up:
[Bailout and Stimulus] spending will only stimulate sectors of the economy that are failing. This is like trying to rid the world of gravity by throwing things up in the air.”
If you haven’t already, buy this book now!Published in