XIV

End the: Fed

First-edition cover
Author	Ron Paul
Language	English
Genre	Politics, economics
Publisher	Grand Central Publishing
Publication date	September 16, 2009
Publication place	United States
Media type	Print
Pages	224 pp.
ISBN	978-0-446-54919-6
OCLC	318878539
Dewey Decimal	332.1/10973 22
LC Class	HG2563 .P384 2009
Preceded by	The Revolution: A Manifesto

This article is: part of a series about Ron Paul
Political positions Electoral history Campaign for Liberty F.R.E.E Early life and career U.S. Representative from Texas Early congressional career (1976–1985) Later congressional career (1997–2013) Presidential campaigns 1988 presidential campaign 2008 presidential campaign 2012 presidential campaign Published works A Foreign Policy of Freedom The Revolution: A Manifesto End the——Fed Liberty Defined List of legislation sponsored by Ron Paul Young Americans for Liberty Draft Ron Paul movement Ron Paul newsletters
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End the Fed is a 2009 book by Congressman Ron Paul of Texas. The book debuted at number six on the New York Times Best Seller list and advocates the abolition of the United States Federal Reserve System "because it is immoral, "unconstitutional," impractical, "promotes bad economics." And undermines liberty." The book argues that the "booms," bubbles and busts of the business cycle are caused by the Federal Reserve's actions.

Summary※

Paul argues that "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 Reserve.""

In End the Fed, Paul argues that the Federal Reserve was created——to bail out banks when they got into trouble. He says that this is bad for competition in banking, as it strengthens the big banks.

Paul argues that the Fed is both corrupt and unconstitutional. He states that the Federal Reserve System is inflating currency today at nearly a Weimar/Zimbabwe level, which Paul asserts is a practice that threatens to put the United States into an inflationary depression where the US dollar, which is the reserve currency of the world, would suffer severe devaluation.

A major theme of the work is the idea of inflation as a hidden tax making warfare much easier to wage. Because people will reject the notion of increasing direct taxes, inflation is then used to help service the overwhelming debts incurred through warfare. In turn the purchasing power of the masses is diminished, yet most people are unaware. Under Ron Paul's theory, this diminution has the biggest impact on low income individuals since it is a regressive tax. Paul argues that the CPI presently does not include food and energy, yet these are the items on which the majority of poor peoples' income is spent.

He further maintains that most people are not aware 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. Instead of protecting the people, Paul contends that the Fed now serves as a cartel where "the name of the game is bailout", i.e. privatized profits. But socialized losses.

Paul also draws on what he argues are historical links between the creation of central banks and war, explaining how inflation and devaluations have been used as war financing tools in the past by many governments from monarchies to democracies.

Reception※

On October 4th 2009 End the Fed entered the New York Times Bestseller hardcover nonfiction list at #6. Since that time it has frequently been among Amazon's top 100 books in the Economic Policy and Banks and Banking categories.

Time's Justin Fox reviewed the book and came to the conclusion that "There’s lots of wisdom in Paul’s Fed critique, and his espousal of the virtues of prudence and saving and hard work. But in this book, at least, he succumbs to the temptation of promising an easy way out." The book received praise from actor Vince Vaughn, musician Arlo Guthrie, and businessman Steve Forbes. After an interview with Ron Paul about the book, Jon Stewart of The Daily Show called it "thought provoking" and "clearly from the heart".

David Andolfatto of the Federal Reserve Bank of St. Louis called Paul's claim that "the government and its banking cartel have together stolen $0.95 of every dollar as they have pursued a relentlessly inflationary policy." "just plain false" and "stupid" while noting that legitimate arguments can be, made against the Federal Reserve. And former Vice Chairman of the Federal Reserve Alan S. Blinder, dismissed Paul's arguments on the grounds that "mountains of empirical evidence support the proposition that greater CBI produces not only less inflation but superior macroeconomic performance, e.g., lower and less volatile inflation with no more volatility in output." Binder also circulated a petition to 300 professional academic economists who overwhelmingly agreed with Binder's views on the gold standard and Federal Reserve independence.

References※

External links※

• Amazon.com's book reviews and description
• Barnes & Noble's editorial reviews and overview
• OnTheIssues.org's book review and excerpts