End The Fed (Anglais) Broché – 29 septembre 2010
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Revue de presse
"Everyone must read this book -- Congressmen and college students, Democrats and Republicans -- all Americans."
Présentation de l'éditeur
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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Meilleurs commentaires des clients
Il retient dans son explication des raisons philosophiques, constitutionnelles, et économiques. Il y a une responsabilité primordiale des banques centrales dans la gestion monétaire globale, en liaison avec l'émission excessive de monnaie, l'inflation, les déficits et les situations d'endettement. Il faut donc revenir à une monnaie saine, à l'étalon-or, et ne pas abuser de la monnaie et du crédit, sous peine de répétition des cycles et des crises; donc selon cette démarche libertarienne mettre fin au règne de la FED.
Commentaires client les plus utiles sur Amazon.com (beta)
My in-person discussions with many people make me believe this book's title is well-known while the content is practically unknown.
This book has nothing to do with whether the Fed should ease or restrict monetary supply. At its heart the book questions our government's balance of power and holds that a group of bankers is too dominating. Meanwhile the political activities of Ron Paul and Rand Paul have often confused me and I cannot connect a lot of their positions with this book.
(end of update)
The Fed is run by creditors. These creditors are not willing to transfer value to debtors by reducing the debt except in token ways. Instead the creditors force increases of the debt on the nation as the solution to most economic problems.
But there is a secret, however unlikely: we can in theory completely pay off the national debt by introducing U.S. Notes. Separately, the Fed could in theory be made to agree to forgiveness of the national debt that it holds.
End the Fed is the story of how the country ended up with a lot of debt not through informed choices but because of our money system.
In its first response to the global financial crisis, the Fed disbursed trillions in a secret manner. That money bought fire sale assets from individuals obliged to keep current with debt payments. That money saved Wall Street's bonus system and led to the debate over whether the Fed should tell us where the trillions went.
(Recommended reading: Declare Independence from Party Affiliation)
The Federal Reserve Act delegates money power to a private banking monopoly. Ron Paul introduced H.R. 833 to abolish the Federal Reserve System. This book reveals several consequences of the Federal Reserve System, many unintended and unforeseen.
The main counter argument to ending the Fed is that it would be a terrible mistake to give total money power to politicians. The late Milton Friedman offered an alternative to the current system which "might" satisfy a broader constituency. The U.S. in theory could have its own currency called U.S. Notes (instead of Federal Reserve Notes).
Friedman thought U.S. Notes could work if they were printed only to match population increase or else align increases of money supply to a price index. The system that Friedman talked about would leave physical money creation independent of political control IF it could be implemented. Currently, physical money is created through Treasury debt. When a dollar is created, it's an asset and also a liability that generates interest.
Friedman acknowledged that it may not be politically possible to take money power away from the Fed. Even after reading this book, I think Friedman was correct.
Under President Abraham Lincoln, money power was vested in the Treasury Department. If money power were returned to the Treasury, perhaps under Friedman's plan, the federal deficit could be COMPLETELY PAID OFF with physical Federal Reserve Notes while debt-free U.S. Notes could be introduced as the new money. This would favor debtors at the expense of creditors, and therefore no politician is going to support it. That's the Big Secret in a nutshell.
End the Fed cites interesting consequences of our monetary policy and fractional reserve banking. In this system, money comes into existence only through debt and is intended to create more debt that will lead to economic growth.
The Fed makes funds available for government spending in excess of what could sustainably be raised through direct taxation UNLESS the spending turns into a good investment.
Paul wrote about conflicts of interests between the powers behind the Federal Reserve and the American people. This is not a partisan issue. Ben Bernanke credits the severity and duration of the Great Depression to actions by the Federal Reserve. What is good for top bankers isn't equivalent to what is good for taxpayers.
I think the book's contribution is to energize new thinking about what we want from our government.
Economics 101: When you create more of something, the value decreases.
Economics 201: The Federal Reserve printing (Liquidity Injections) of Federal Reserve Notes (Dollars) has decreased their value.
Economics 301: The dramatic increase of Federal Reserve money printing in the last couple of decades has devalued our money and caused the current economic crisis.
Economics 401: The Fed is trying to solve the problem with more of the same thing that caused the problem.
Of course it's more complicated than this, and that's where this book is so important. Dr. Paul explains the history of the Fed, its relationship to modern wars and a myriad of other societal ills, the inevitable failure of a fiat currency and, more importantly, how we can get out of this mess.
The Federal Reserve system is nothing less than the most brilliant tool ever for the transfer of wealth and power from the average citizen to the wealthy and powerful, and we must rein it in to preserve our freedom. I know I must sound dramatic, but I can not stress enough the importance of honest, realistic, economic education. This book is a great first step. It should be required reading in all our schools.
*A short and easy read (it's a "one-day" book.)
*Contains countless statements of pure truth. For instance, discussing the expansion of the nation's money supply, Paul writes: "Noble intentions are always used to justify the inflation, but the real reasons are far more sinister. Those who get the control over the money are beneficiaries, not the people as a whole."
* Provides a priceless "inside the government" perspective of the FED's power to guide and corrupt foreign and domestic policy.
* Destroys the main arguments "in support of" the FED.
* The reader's understanding of basic monetary terms is often assumed. Example: "The prohibition of paper money was for convertible certificates." (Most books that are "economic" in nature are guilty of this. That said, "END THE FED" is more accessible than most books on this topic.)
* I hoped to see more emphasis on explaining the mechanics of the system (and the common terms) so the newbie could really "get it." Dr. Paul is 100% correct when he says: "Only an understanding of how the monetary system works can correct this problem and protect the victims..."
Overall, this book provides us another excellent weapon in the battle against "The FED." Buy it, read it, and share it with others.
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