Archive for December 18th, 2013

end the fed Ron Paul

 (Order it on Amazon)

This is a book by former Congressman and Presidential candidate Ron Paul that focuses on monetary issue in the United States. And while it focuses on the specific situation in the United States Ron Paul does make the point in the book that the consequences of our bad monetary policy does have impact for the rest of the world. This book is critical of the Federal Reserve and argues that it is bad for our economy. It is not just merely an economic issue but Ron Paul argues that it is a moral issue as well. There is too much power given to the Federal Reserve with too little accountability and too much secrecy. To this day, the Federal Reserve has never been audited by the Congressional Budget Office. Some may object that the Federal Reserve does have Congressional oversight with the chairman of the Federal Reserve Board appearing before several Congressional committee; still, many questions are often not answered to Congress during these sessions. Still others might still defend the Federal Reserve as being a semi-private institution rather than a full government agency. Ron Paul argues in the book that the Federal Reserve has the worst of the Government and the Private Sector. In the end it boils down to the flawed economics of the Federal Reserve’s role end up causing the boom and bust cycle of today’s economy with messing with the supply of money. The printing of paper money and partial banking without any standard behind them is conducive to inflation. This is my first book by Ron Paul and I plan to read future works by him in the near future—he turns out to be more level headed than some of his followers I knew in college. Ron Paul does not believe that the Federal Reserve or the Government was behind 9/11, and does not unnecessarily demonize those in the Federal Reserve. I even appreciated the book sharing transcripts from Congressional hearings with different chairman of the Federal Reserve, be it Greenspan nor Bernake. The dialogue with Bernake about the housing bubble was the most interesting to me—Bernake totally didn’t see it coming despite Ron Paul’s concern. This was a year before the housing bubble burst. The book is also interesting for providing the personal background and influences driving Ron Paul—it also provides a personalize window into the connection of famous figures in the circle of Austrian School of Economics.

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