End the Fed
by Ron Paul
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Book Summary Information
Author: Ron PaulEdition: Hardcover
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2009-09-16
ISBN: 0446549193
Number of pages: 224
Publisher: Grand Central Publishing
Book Reviews of End the Fed
Book Review: Important and credible
Summary: 5 Stars
I very much enjoyed this book and I wonder if it might make a profound contribution to humanity. I know that sounds both very lofty and improbable. But I can't help but believe that this country would change dramatically, and for the better, if the electorate were familiar with just the basic information provided in this book. Ron Paul tackles a complex subject with much success. IMO, he provides a compelling, reasonably complete overview of the role of central banks generally, their deeply flawed history and role managing money and economies, and consequences to the very nature of government and citizens' well being.
These are lofty, important topics, but Ron Paul manages to describe the Fed and it's many profound impacts on our lives, and he supports the connections he makes with compelling reasoning. Even if the book receives little attention, and so fails to build a large consensus for change, readers will benefit personally from a deeper understanding of our flawed banking system and it's likely impact on both government and the economy. These topics, so carefully addressed by Paul, truly are fundamental to our lives. They should follow math and science in school curriculum.
I'd offer a few more details of my perspective of his book:
End the Fed is very readable: I got through it on a couple cross-country flights. In my mind, the book is geared toward relative beginners, but folks with a good familiarity with the Fed and it's history, and it's basic functions, should greatly appreciate the content too. I would think some of the material he quotes from former Fed governors would interest even experts on the subject. He mostly avoids charts/math if that's a bugaboo for you, and I personally had no problem with any assumptions of basic knowledge made in the book. While I've personally never considered Ron Paul to be eloquent or particularly clear in his speech, I think this book is extraordinarily well written and edited: it is clear, concise, and compelling.
Readers unfamiliar with or wary of Paul or the topic might wonder if the book is partisan or politically biased. It's an important concern, because as Paul illustrates, the Fed is inextricably connected to government. My view on this issue was very favorable. Paul is a self-described Libertarian, and he includes a chapter entitled, The Libertarian Case <against the Fed>. Further, throughout the book, Paul is straightforward in his respect for and belief in free markets and voluntary exchange.
However, I personally found no partisan bias against Democrats or favoring Republicans in this book. Paul weaves together a fairly complete, if basic (and I swear very interesting) history of central banking and monetary policy in the U.S. He properly gives credit, good or bad, where it is due. Andrew Jackson (father of the modern Democratic party) is properly credited with terminating the charter of this country's second central bank, at great personal cost to him. And while Woodrow Wilson and a Democratic congress is credited with chartering the current Fed, Paul takes care to describe the many years of lobbying of money interests that finally resulted in passage of the act. Nixon's decision to renege on Bretton Woods and close the gold window in 1971 is well described, along with the profound negative consequences to this country.
I'm trying to be brief here, and in any case my point is simple: Paul covers a lot of ground and does so with credibility. While I'm no expert on the subject, I've read several historical books on the topic and I think Paul's treatment is accurate and unbiased. This book is not kind to Democrats or Republicans, but neither is it unfair. The book does compellingly attack our established banking system; since that system has been well developed and supported by both parties, their roles are impugned accordingly. But the emphasis of the book is more pedagogical than political, and is generally more uplifting than a simple indictment of a flawed system. Paul provides a well-reasoned voice for all citizens, liberal and conservative, Republican and Democrat, against a corrupt money system. The book is anti-establishment, but it is even handed, and importantly, it is constructive.
It's hard to conjure up a shortcoming when you're generally so impressed with a book. To complain about any single aspect improperly raises its importance. Nevertheless, I'll offer one issue where I'd like to have seen more detail. Paul provides almost no detail into structured finance, and the role it played in this current downturn. His chapter entitled, The Current Mess, is reasonable, but it is far from complete. Since he included some details while excluding others, I'm troubled by the result, but only modestly so. In his defense, the chapter really places the downturn into historic perspective, as a predictable consequence of a fatally flawed banking system. But to give mention to the Community Reinvention Act or Equal Credit Opportunity Act, while ignoring MBS's and CDO's, and the fortune Wall Street made packaging fraudulent debt, is on it's face silly. But Paul is no apologist; he states plainly that "Wall Street... wants protection from downturns and cares little about truly free markets". Further, an honest accounting of Wall Street's roles in this debacle is not damning to Paul's thesis. He makes this point over and over in his book: the moral hazard created by the Fed enables all sorts of reckless behavior, including that led by bankers.
As a final equivocation, I'd offer that a reasonable treatment of just Wall Street's role in this debacle, setting aside government, the Fed, and discussions of regulatory failure and moral hazard, etc., would fill a book itself. So my complaint becomes almost trivial: if you're going to spend a couple paragraphs describing failures of a liberal policy, be sure to write a couple more adjacent to them drawing a picture of how Wall Street profited immensely from it. As an aside, I've read only a few of the very many books available that focus on Wall Street's specific role in bringing on the credit crisis, but I can confidently recommend Charles Morris's Trillion Dollar Meltdown. It was one of the first available, and compares favorably on both readability and detail. While Paul provides a wonderful introduction into the big picture framework that underpins where we find ourselves, he stops short of some detail that I think is important to consideration of today's problems. Specific to our current unfolding debacle, Morris answers the question of "how", while Ron Paul addresses the bigger question of "why".
In summary, I think Paul has done a great service by authoring End the Fed. I hope it's widely read and that it helps to create a thirst for more knowledge in this area. The quality of our government, and more importantly of our lives, depends very much on the topics he tackles.
Summary of End the Fed
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.Most 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 $100 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.
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