Banking Books: “End the Fed” by Ron Paul
The Federal Reserve has become central player in the United States’ economy, but some imagine a world without it. In “End the Fed”, Dr. Ron Paul examines what the world might look like without the Federal Reserve.
Although many people consider the Federal Reserve to be an indispensable institution that the nation’s economy couldn’t function without, Ron Paul looks at American history, economics, and other fascinating stories from his life in politics to argue that the Federal Reserve has become corrupt and is very unconstitutional. Paul argues that the Federal Reserve is inflating currency today at a level not seen since Zimbabwe or Weimar, which could lead to an inflation-generated recession where $100 bills were worthless.
Paul has had some success in his quest to end the Federal Reserve with two pieces of legislation this year. H.R. 1207: The Federal Reserve Transparency Act of 2009 would audit the Federal Reserve and has 282 cosponsors in congress. Paul believes that once a full audit occurs people will see the questionable and secretive monetary policies first hand, which he hopes will gain momentum for his second piece of legislation, H.R. 833, that will end the Federal Reserve System all together.
Paul argues that the Federal Reserve is working against those that trade with the US Dollar, domestically and abroad. Paul takes the Federal Reserve to task for bringing untold amounts of new currency into the US economic system, leading to 98% devaluation of the dollar over the last 100 years. Paul also questions the Fed’s opaque actions and lack of transparency. Finally, Paul imagines what the world would be like without the Federal Reserve and suggests that the boom and bust cycle of the US economy would finally come to an end.
This book is Congressman Paul’s urgent appeal to people to show where we went wrong, why the Federal Reserve System needs to end, and what people can do, in Paul’s opinion, to fix America’s economic policy for generations to come.
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