“
End the Fed” by Ron Paul
Let me first admit my biases. Anyone who has spoken about economics with me for any length of time knows that I dislike fiat currency and am more Austrian than Keynesian. I support commodity backed money (probably gold) and dislike the fact that the Federal Reserve has so much power and so few checks and balances. With that in mind, Ron Paul was preaching to the choir in “End the Fed”. I think he presents a solid, readable case, on moral, political, and economical levels for the dissolution of the Federal Reserve, and I couldn't agree with him more.
Politicians have a generally bad track record when it comes to books, however. They tend to have as many lies as a Michael Moore movie and even more contrived drama. In this respect, “End the Fed” is an improvement over what I have come to expect from this class of literature. While it pushes emotional buttons (bank bailouts, etc.), it also takes the time to make logical arguments and even supports those arguments with citations. The citations are a step up from “The Revolution: A Manifesto”, one of Paul's earlier books, which had none. Still, almost all the scholarly articles and books he references come from the Mises Institute, an organization of which Ron Paul is one of the top members. It would have been nice to see him use “neutral” sources for some of his claims. There are also many places he really should have given sources but didn't, which was a disappointment.
Another hindrance of “End the Fed” is that it is a relatively high level economics book. That is, although its target audience is the common man, it really isn't basic enough for someone with no background in economics to understand. I recommend that all people with aspirations of reading this book watch the short movie “Money as Debt” first in order to gain a basic understanding of the world banking system before they do so. Coming from Dr. Paul, this is par for the course. He is unique among politicians in that he is well versed in the topics he votes on, and that he expects his readers to put effort into becoming knowledgeable as well. He even provides a list of recommended reading at the end of this book to further this goal.
You can watch Money as Debt here:
http://video.google.com/videoplay?docid=-2550156453790090544&hl=en# Once again, Ron Paul delivers a solid book that lacks some of the polish and attention to detail that could really make it stand out. The core ideas and philosophies are great, and I wish more people would give them thought, but the essay writer in me can not help but cringe at the lack of citations. Still, if the recent Wall Street debacles has made you curious about the Fed and why exactly we are keeping it around, this book comes highly recommended. Watch the video I linked above, read “End the Fed”, then read another economics book from a Keynesian point of view. Learn some more, decide, and then vote. Consider it part of your civic duty. 8/10.
PM me for discussion.