The Book Depository End the Fed by Ron Paul
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Price: £12.99
Brand: The Book Depository
Description: End the Fed : Paperback : Little, Brown & Company : 9780446549172 : 0446549177 : 07 Dec 2010 : Ron Paul - Congressman, Presidential candidate and No. 1 bestselling author - returns with a provocative and controversial treatise that argues we cannot actually fix the broken economy without discussing the 800-lb gorilla in the room: the Federal Reserve. The Book Depository End the Fed by Ron Paul - shop the best deal online on thebookbug.co.uk
Category: Books
Merchant: The Book Depository
Product ID: 9780446549172
MPN: 0446549177
GTIN: 9780446549172
Author: A. Libertarian
Rating: 5
Review: Firstly, it is worth taking your time with this book as Dr. Paul is coming from a perspective few of us are likely to have been educated in, and it contains many important truths on one of the most complex topics in economics and the world generally. I would also advise keeping an open mind as the aforementioned prevalent attitude in education conditions our instinct towards believing it is essential for a small coterie of experts to have discretionary control over the money supply, and thus the entire economy. As this is just a review I will state as simply as possible how Dr. Paul piercingly questions the current system, and the positive answers and alternatives he provides. Also, the latter point many neglect and simply criticise - a true strength of Dr. Paul. How is it free market capitalism if central banks bail out large corporations, removing competition, profit - loss incentives and instituting moral hazard? How will the ordinary person react when they have worked and saved, yet quantitative easing causes asset price inflation, putting home ownership out of their reach? How can a small coterie, of even the smartest experts have the knowledge to 'run' the economy, which consists of billions of people and micro-economic processes? Does central banking not necessitate political corruption and special interests feeding at the government trough, thus undermining the strength of the economy? Fostering self-reliance, entrepreneurship and independent kindness is the true moral solution. Ending fiat currency prevents money supply inflation and excessive debt (monetising the debt), and therefore war without applicable taxation. The Austrian School business cycle theory thoroughly explains how central banks cause the boom - bust cycle, and how we can avoid the worst of this. I would recommend this book to people of all nationalities and political and economic stripes. Dr. Paul also has an affable prose style: he reminds me of the old prospector in a western who's the one good guy in town, and warns the hero (all of us as citizens) about the crooked sheriff/ and or town establishment.
Author: Clive
Rating: 3
Review: I borrowed this book from a colleague soon after its publication as he kept referencing it, especially the title, End The Fed. It was a quick read and it had to be, Wall Street was always busy and never less so when the turbulence of the Great Recession was still about. As a financial professional with exposure to the gold industry on all levels it was polarizing. I do not believe gold is the best way to stabilize a currency, but the author sincerely does, but he struggles to support this with hard data. He provides many references to errors of others in the past, he never admits to any errors of his own (sound familiar?) and wants the dollar to be both the leading currency, but not the strongest. He tries hard at times to stress how money corrupts, but honestly a six year old at school will learn that pretty quickly by observing his or her peers. So why did I buy this book, why read again? Well, I have more time having retired and I wanted a reality check given how the US is bulging its own balance sheet and extending its debt beyond any prior record. I still question gold's effectiveness and how this is the remedy when there is so much sitting above ground in official and unofficial store. Okay, I am a gold bear and laugh every time I see some mint trying to sell you a pretty coin as a sound investment, but the more serious message of this book, criticizing the bail out of banks (and autos, which are really just a financing business for a product we over pay for) is not valid. The US got its financial services industry back in shape. Ignore the research and economic calls, pay attention to the actions: chief loan officers are not extending unlimited credit cards, bulging mortgages or expanding their own balance sheets like it was 2007. Americans are happy to live within their means with modest real rates, European nations still have failing banks in their care, they have negative rates, so the opportunity to actually grow a business for all not the few is simply not happening. I say read this book, but read many other economic case studies and you will soon find a place for this brief story of Ron Paul's fantasy. This record does not rely on hard evidence, it blurs the facts and levels blame on everyone else... but himself. As an experienced congressman I expect nothing less, but never lose sight that this is a politician speaking to you. The same politician that backed too many young people into a college education and a mountain of debt so many will never emerge from. Great tradespeople do not require a six figure debt to keep our homes, offices and commercial properties working, you do not need to sacrifice four years to learn how to sell a second hand car. Ron, you're wrong
