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( Read Kindle ) Ü End the Fed ô 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 ReserveMost 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, Economics, And Fascinating Stories From His Own Long Political Life To Argue That The Fed Is Both Corrupt And Unconstitutional It Is Inflating Currency Today At Nearly A Weimar Or Zimbabwe Level, A Practice That Threatens To Put Us Into An Inflationary Depression Where Bills Are Worthless What Most People Don T Realize Is That The Fed Created By The Morgans And Rockefellers At A Private Club Off The Coast Of Georgia Is Actually Working Against Their Own Personal Interests Congressman Paul S Urgent Appeal To All Citizens And Officials Tells Us Where We Went Wrong And What We Need To Do Fix America S Economic Policy For Future Generations 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 makingwe can t afford their commodities, and we are their strongest demandie 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 notSo 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. 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 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 , 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. 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 No state shall make anything but gold and silver coin a tender in payment of debts The ability to create money out of thin air gives the government unlimited power, the scariest of which is to wage war Under a regime of sound money backed by gold and silver, government would have to pay for war, or anything else it did Since war is costly, heads of state would try to avoid it If war did start, governments would try to settle as quickly as possible As the author puts it, It is no coincidence that the century of total war coincided with the century of central banking Related News Nobel Prize Winning Economist Federal Reserve System is Corrupt and Undermines Democracy Recommended Further ReadingWhat Has Government Done to Our Money and The Case for the 100 Percent Gold Dollarby Murray N RothbardThe Creature from Jekyll Island A Second Look at the Federal Reserveby G Edward GriffinThe Case Against the Fedby Murray N Rothbard 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 state this in the book However, in it, the truth is exposed about how the U.S monetary system has morphed into little than a house of cards ready to collapse at any moment Sin and corruption have led the way In a couple of places, Scripture is used to demonstrate the wickedness of the actions of the Federal Reserve and what happened in Biblical times when money became worthless The Scripture is used correctly something often not the case when politicians use it In fact, I don t recall ever hearing or reading what any other politician wrote or said who used the Scripture correctly Ron Paul traces the history of this fraud, demonstrates how such systems have always collapsed before its creation in the U.S in 1913, and points out who it is that suffers under the corruption the poor and middle class.He then draws out how it is the FED can be abolished and sound money established once again according to the Constitution that thing that all individuals serving in the three branches of government are sworn to uphold.This book is worth the time reading it Written in haste,Ron C.