If you are concerned about the current economic crisis Ron Paul’s new book, End The Fed, should be a part of your quest for understanding. There is a wealth of knowledge on the two schools of economic thought, central banking and American monetary policy. In it, Dr. Paul discusses the reasons we are in this current economic mess and why we cannot continue down the path we’re on and still remain a free people. He highlights the secrecy surrounding this institution and makes the case for ending the Fed from multiple viewpoints, all of which are convincing.
Tyranny always goes hand in hand with the government’s wrecking of the money system. (pg 117)
Dr. Paul explores the views of the past and present Chairmen of the Fed in their own words from the Congressional record when Alan Greenspan and Ben Bernanke have testified before Congress. The Congressman raises concerns about the sustainability of the current Fed monetary policy, which “creates fiat money out of thin air” and the possibility of a dollar crisis. He also delves into the causes of the Great Depression.
…the Depression was the fault of the Federal Reserve. (pg 110)
It was the credit expansion of the 1920s causing the stock market bubble that was the real cause of the crash. (page 111)
Dr. Paul has long been a champion of individual liberty and the free market. As part of his discussion on why America should end the Fed, Dr. Paul quotes from economist John Maynard Keynes. Keynes wrote the book, The Economic Consequences of the Peace, before he became an advocate of inflation:
Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose. (pg 171)
This book should be part of a new curriculum in higher education. The only way we will be able to preserve our republic is for a well-informed public to demand it. I highly recommend that every citizen read End The Fed.
Cross-posted on Examiner.com