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End The Fed Taschenbuch – 29. September 2010

Englisch Ausgabe von Ron Paul (Autor)

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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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224 Seiten
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Englisch
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Grand Central Publishing
Erscheinungstermin

29. September 2010
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13.34 x 1.91 x 20.32 cm
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9780446549172
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978-0446549172
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"Rarely has a single book not only challenged, but decisively changed my mind. "
--Arlo Guthrie

"Everyone must read this book -- Congressmen and college students, Democrats and Republicans -- all Americans."
--Vince Vaughn

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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.

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ASIN ‏ : ‎ 0446549177
Herausgeber ‏ : ‎ Grand Central Publishing; Repr. Edition (29. September 2010)
Sprache ‏ : ‎ Englisch
Taschenbuch ‏ : ‎ 224 Seiten
ISBN-10 ‏ : ‎ 9780446549172
ISBN-13 ‏ : ‎ 978-0446549172
Abmessungen ‏ : ‎ 13.34 x 1.91 x 20.32 cm

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F. Heydwolff

Ein Buch, das nicht nur in Amerika gelesen werden sollte

Rezension aus Deutschland vom 28. November 2012

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Die Fed kontrolliert die amerikanische Notenbankpresse. Sie entscheidet somit, wann und wieviel neues Geld in Umlauf gebracht werden soll. Die Entscheidungsgrundlagen dieser Prozesse sind geheim, nicht einmal Dr. Paul hat als Abgeordneter des Kongresses Zugang dazu. So hält eine kleine Gruppe die Macht, von einem Tag auf den anderen Billionen neue Dollar in Umlauf zu setzen, ohne eine solche Entscheidung begründen zu müssen. Zugleich legt sie den Leitzins fest. Mit dieser Macht ist sie in der Lage, Wirtschaftsblasen entstehen und wieder platzen zu lassen. Dieses Instrument der Macht will Dr. Paul beseitigen. Er tritt für die Abschaffung von Zentralbanken ein, sowie für eine stabile Währung, die nicht auf Kosten der Bevölkerung verwässert wird.

Auch hierzulande muss über ähnliche Prozesse mehr gesprochen werden. Während Steuererhöhungen in der öffentlichen Diskussion sehr präsent sind, wird die Emission neuen Geldes, die ebenfalls ein Griff in die Tasche des Bürgers ist, kaum diskutiert.

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Nützlich

Dmitrij Pogorjanskij

Sehr gute Sache

Rezension aus Deutschland vom 2. Oktober 2013

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Sehr interessantes Buch, sollte jeder lesen und sich Gedanken darüber machen. Man versteht woher alle diese Probleme kommen und wer für die verantwortlich ist.

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W. Gibson

Important and credible

Rezension aus den Vereinigten Staaten vom 6. März 2010

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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.

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Rezensionen auf Deutsch übersetzen

Darryl W. Perry

Free Patriot Press Review of "End The Fed"

Rezension aus den Vereinigten Staaten vom 23. September 2009

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Never before have I read a book that starts out by stating, "Why you should care"; but that is exactly what Dr. Paul does with "END THE FED". He explains that the Federal Reserve has been given almost absolute power, unchecked of course, over the entire economy with little concern from Congress. Not only does Congress not care about the power of the Federal Reserve, they encourage the Fed to continue involving itself in the economy. "The Federal Reserve System must be challenged," Paul writes, "Ultimately it needs to be eliminated...No single institution in society should have power this immense. in fact, I believe that freedom itself is at stake in this struggle."
Dr. Paul continues by telling of the creation of, as G. Edward Griffin calls it, "The Creature From Jekyll Island". Which, most libertarians are aware, was formed by a small group of powerful bankers who had convinced the government that a "central bank was needed to stabilize the currency." Something the Fed has failed to do in nearly 100 years, thanks in part to fractional reserve banking, fiat currency and artificial manipulation of interest rates. A "dollar" is now worth approximately 5% of it's value in 1913, when the Fed was created; does that sound like a "stabilized currency" to you? It doesn't sound very stable to me, either. Devaluing a currency, as the Fed has done, is nothing less than fraud; just as adding water to a gallon of milk is fraud. Something Dr. Paul learned about early in life working on the family dairy.
Aside from his work on the family dairy, he credits a job with the Pittsburgh Press as helping him become interested in coin collecting. With coin collecting helping him understand the value of money. This led him later to study Mises, Hayek, Murray Rothbard, Hans F. Sennholz and Austrian Economics. it was his study of Austrian Economics along with Richard Nixon's "We're all Keynesian, now"statement and the removal of the Gold Standard that led him to become involved with politics.
Before going into details of his involvement with the Gold Commission and his interactions with Fed Chairmen; Dr. Paul spends a chapter explaining how central banks, all central banks not just the Fed, enable, encourage and fund wars, both legal and illegal, just and unjust. For the most part, all countries throughout history have been limited in how wars are financed; mainly due to have commodity based currencies. But, thanks to the advent of central banking, a government could just turn to the bank and request a large sum of money to fund whatever perceived evil lurked around the corner. The bank complies and expands the currency, reaping the benefits, and passing the cost on to the "little guy" or even worse, a future generation.
During the final days of President Carter's administration, a bill that was co-authored by Ron Paul and Jesse Helms was signed into law creating the Gold Commission. Possibly the most significant action of the Commission was a recommendation that Congress authorize the US Mint to mint a gold coin. The Congress actually authorized 4 coins; 1 ounce, ½ ounce, ¼ ounce and 1/10 ounce. These coins were minted with a legal tender face value, which has only compounded the problems associated with legal tender laws, which need to be repealed as much as the Fed needs to be abolished.
If the first third of the book was good, the last two-thirds is great!
Dr. Paul goes into detail, with transcripts of conversations he's had with both Alan Greenspan and Ben Bernanke. Of the two, at least Greenspan understands, or knows, the arguments for a Gold Standard. Yet, somehow, has lost the knowledge he had in the 1960's when he wrote an essay titled "Gold and Economic Freedom."
After writing about his "Conversations with Greenspan" and "...Bernanke"; he explains why Congress should be interested in monetary policy. One reason being that bad money and unjust taxation, including inflation, encourage the "black-market". "By destroying money and fueling the growth of the state," Paul writes, "the institution of a central bank is the biggest generator of underground criminal activity ever."
He goes on to explain "the current mess" and the Fed's "solution" of throwing more money into the market as being similar to "adding more poison to a poisoned patient amounts to a cure." And, "the current path is prolonging and extending the pain - while causing a slow death dressed up in fancy clothes."
"Why End The Fed?" Dr. Paul explains, "The Federal Reserve should be abolished because it is immoral, unconstitutional, impractical, promotes bad economics and undermines liberty. its destructive nature makes it tool of tyrannical government." The Fed has caused more "bubbles" than would have ever happened had a free market system of competing commodity-based currencies been in existence. In fact, inflation would be mostly non-existent without the Fed.
In the final chapters, Dr. Paul gives a Philosophical, Constitutional, Economic and Libertarian Case for abolishing the Fed. While each of these arguments is slightly different, they are also very similar. In short: The Fed creates inflation; inflation steals wealth from anyone who had saved some of their earnings; theft is illegal, immoral, and unjust. I'm reminded of a quote from Frederic Bastiat, "When law and morality contradict each other, the citizen has the cruel alternative of either losing his moral sense or losing his respect for the law. These two evils are of equal consequence, and it would be difficult for a person to choose between them."
In the end, Dr. Ron Paul explains "The Way Out." But, in an effort to not play the role of "spoiler" I will refrain from giving any details and end the same way Dr. Paul was greeted by 10,000 people when his "Rally for the Republic" speech began, with hopes that one day we can..."END THE FED! END THE FED! END THE FED!"

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Rezensionen auf Deutsch übersetzen

Nona

A Reasonable Book From Ron Paul

Rezension aus den Vereinigten Staaten vom 8. April 2018

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I was surprised about how rational Ron Paul's book seems; and I probably agree with a lot of what he says. The book made me reconsider my opinion of Ron Paul.

For Paul, gold is not some magic solution, but a practical solution to the problems of venal politicians. As (I think) Michael Lewis pointed out, we all love free things and politicians have become very good at giving it to us. That has led Paul and many others to believe we have a concerning level of deficit spending; and like Peter Schiff and Ron Paul, I am concerned that the debt bomb has to be dealt with. On the other hand, I doubt/hope we are going to have a crash like that of 1929 in the near future. On the other hand, the antics of our impetuous president to me makes the likelihood of a triggering black swan event much more likely.

Paul also sees the end of the Fed as a constraint on government growth. If the government can only spend what it has or what it can easily raise, Paul thinks it will be far more difficult to go to war or expand government services because the government will not have the funds to pay for those activities. I think many people will agree with his goals, and different people will probably agree with his different goals, but I am confident our politicians will be able to wriggle out of the straight jacket Paul proposes to impose through a gold standard.

Paul does not discuss, however, the ability of the government to sell bonds, which IMHO, would probably allow the government to spend as freely as it does today, even if the government would not be able to inflate away the principal of the bonds through Fed money creation as it does today. I am sure that the same creative minds on wall street that came up with derivatives on mortgage backed securities, however, would be able to design a financial instrument that converts a 30 year gold backed government bond to a front loaded instrument reducing the ultimate principal payment

I think moving monetary policy away from a bunch of people who seem to care about the economy and are not elected, such as our current governors at the Fed, to the short term "visionaries" and sloganeers who comprise our gerrymandered Congress would not be a positive trade off, but then, Paul thinks that's what our Constitution provides, and he may be right.

On the other hand, apart from some comparisons to gold prices, his book, like a lot of Austrian economic analysis is almost devoid of statistical information; and appears to be based on social science theories that may or may not be accurate.

Paul, like most Austrian economists, posits that people will act in a certain way; and does not rely on data. IMHO one of the greatest advances of modern economists and econometricists is their movement away from the myth that men and women will act in a reasonable way and modern economists use large data sets to try to establish correlations between cause and effect. Economics is actually becoming a data driven science and Paul and the Austrians are really political philosophers.

So my bottom line is that Paul actually makes some good points, and does not seem like a flake. I just hope we have more time than he, and Peter Schiff, believe we have before the debt bomb goes off. (And I think we do because the Fed governors will be running as fast as they can like hamsters on a cage to counteract the less than responsible actions of our elected leaders.)

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Rezensionen auf Deutsch übersetzen

Gordon L. Anderson

A key to ending govrenment collusion with banks

Rezension aus den Vereinigten Staaten vom 14. Dezember 2009

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Rep. Ron Paul's End the Fed is a bestseller for good reason. It exposes one of the core instruments of corruption, illegitimacy, and theft employed by special interests and the members of Congress, and the Federal Reserve System. One of the main reasons for the current economic depression in the United States is that the U.S Federal government, in open conspiracy with the Federal Reserve, creates debt and prints money to cover that debt. This is a ponzi scheme as corrupt as Bernard Madoff's investment scheme that bankrupted many well-meaning investors, but in this case the money scheme is a little understood method of redistributing wealth and savings from the middle class to those who print the money and create the debt to cover special interest legislation. This system is a form of outright theft and is immoral, it is unconstitutional, and yet it is legal because immoral laws make it so.

This system needs to come to an end if the remaining freedoms are to be kept and freedoms the Founders intended are to be restored. Ron Paul deserves credit for speaking out and founding the Campaign for Liberty movement to educate Americans about the corruption in which the Federal Reserve is at the center. Paul clearly explains sound financial principles and the nature of money through examples from his childhood and the failures of other countries, like the Weimar Republic. Paul calls the many political justifications and economic theories that promote this ponzi scheme, notably Keynesian economics, lies foisted on an innocent, ignorant or complicit people.

While I can agree 100% with Paul's exposition of the immorality of the Federal Reserve and the need to "end the fed," I cannot fully accept his recommendations to return to a gold standard. He does not convince me that pegging the economy to this single commodity provides an adequate monetary basis for sound economic growth. Further, Ron Paul's economic views are largely obtained from the libertarian wing of the Austrian school of economics and nearly all of his sources come from the Mises Institute. This provides him with a rather dogmatic libertarian view that fails to see a genuine role for the government in protecting the free market.

The end result of this libertarian view is economic anarchy in which large companies could consolidate and gain monopoly power. Such anarchy is an economic "state of nature" analogous to the violant "state of nature" so feared by Hobbes. The role of government is to provide secure ordered liberty by protecting life, liberty, and property. However, the next step on the road to freedom is to provide a secure ordered market that can protect individual investments in their own businesses and allow equal access to markets and prevent protectionist legislation that gives tax breaks or other advantages to companies with superior lobby power. This is why Pfizer and other corporate giants promote a libertarian economic theory rather than a truly free competitive market. However, Hayek's view of government "planning for competition" makes government a referee that provides a level playing field on which small businesses and average citizens can compete.

Despite the shortcomings I see in Ron Paul's final economic goals, many of the steps Paul suggests to get out of the current situation are very constructive. One suggestion he makes is to "deny authority to the fed to monetize debt." I am not sure that I would go so far as to deny a central bank authority to monetize debt related to private construction projects that might add wealth to the economy, but a law that forbid the Fed from monetizing government debt would be one of the most important steps that could be made toward bringing the government ponzi scheme to an end.

Governments should be forbidden to borrow money for governments by nature cannot create wealth, they can only redistribute it. Printing money to pay to cover government debt leads to inflation, and as Ron Paul explains well, it redistribute wealth from the average citizen to wealth elites. Secondly, a point that he does not discuss, is that investors in government bonds and debt gain interest at taxpayer expense. This allows the wealthy a guaranteed income on money without generating any wealth for the economy. It is a form of elite parasitism on the taxpayer that requires government borrowing.

Ron Paul is also correct in calling for an end to "government business partnerships." There has always been a temptation to such collusion. In my book, Life, Liberty, and the Pursuit of Happiness, Version 4.0 , I explained the historical development of this collusion in the United States, and recommended a principle of separation of government and commerce similar to the principle of separation of church and state. The confluence of money and power is as dangerous as the confluence of "truth" and power. Putting checks and balances in place that would eliminate conflicts of interest between money and legal power is one of the most important strategies to combat government corruption. Ending the Fed would end one of the worst conflicts of interest between power and money that has ever existed.

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Rezensionen auf Deutsch übersetzen

Fritz R. Ward

A Strong and Well Written Argument

Rezension aus den Vereinigten Staaten vom 6. September 2009

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The title for this book did not come from author Ron Paul. It was inspired by him, but the actual title came spontaneously from thousands of students, concerned voters, and people otherwise disenfranchised by American politics who flocked to Paul's 2008 presidental campaign. They began the chant, "End the Fed" and Paul, in his latest book, is more than happy to explain why they are right. The "Fed" is shorthand for the Federal Reserve, a quasi government, quasi private association of bankers and economists who essentially fix prices for money. They are charged to do so with the public interest in mind, but all to often the "public" interest has turned out to be the interests of bankers themselves and their big business cronies. As Paul explains in this book, their desire for private gains but socialized losses have devasting consequences for our economy, and it is time to radically rethink how we manage our currency.

Paul's main complaint about the Federal Reserve is that it distorts natural market signals (especially interest rates) that help investors to judge risks. By making rates appear artificially low investors tend to buy into investments that actual savings rates will not support and the result is a boom and bust cycle that has become increasingly dangerous for the economy and the nation as a whole. Indeed, the recent run up in housing prices and their subsequent collapse, along with much of the economy, is largely (though not entirely) due to the manipulation of interest rates by the Federal Reserve under Alan Greenspan. Congressman Paul was one of the few who foresaw what was happening and urged restraint. His warnings, however, went unheeded and the "change" we now have is more of the same which will likely result in either a) a prolonged recession or depression or b) another artificial boom followed by an even larger bust.

But Paul makes a number of other important points about how the Federal Reserve System damages the US, and not all of the effects are economic. Paul correctly notes that inflation of the currency has been the main means government has used to fund wars. 19th century diplomats were much more cautious and the ward countries engaged in during that century were far more limited in scope. But with the advent of centralized bankers in Europe, America, and other developed(ing) countries, politicians were able to pursue wars with much more grandiose aims. Indeed, the Fed is the primary reason we have an American Empire now which acts as a policeman all over the world. Getting rid of the Fed would severely limit the ability of the US to function as a superpower and would lead to a much more responsible foreign policy.

Granted that one can make a strong case for getting rid of the Fed (no one should have so much power) one has to ask what should replace it. At the very least, monetary policy should be made by the treasury department which actually has the constitutional mandate to perform this function. This would at least insure that citizens would have access to what sort of decisions are being made with money so they can make informed choices about savings and investment options. (It is a sign of the times that Paul's suggestion to at the very least audit the Fed is considered radical.) But in the long run, currency should be backed by something of value. For Paul, that means a strict gold standard. I would personally argue for silver instead, but regardless, money should be backed by something of that has value apart from the basket of goods it can buy. Manipulation of the currency market is only possible when currency cannot be redeemed into a relatively scarce, but highly divisible commodity. I would go a step further than Paul would. I would suggest that the market itself, and not the government, should decide what currency is. Based on past history, it is a pretty safe bet that precious metals would circulate almost universally. But it is possible that other forms of currency would also circulate to prevent any monopolistic powers, private or public, from gaining control of money and through it, the economy as a whole. It is a radical idea and one that deserves further consideration. This book should be a starting point for that very discussion.

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