Here is my Amazon
review of Dr. Paul's new book:
I read the book
in its entirety last night and couldn't put it down. Ron Paul makes his case
on several levels - constitutional, economic, moral, and political. The
writing is fresh, vigorous, and accurate. He includes excerpts from his
exchanges with Greenspan and Bernanke, and has a chapter devoted to his
intellectual journey in arriving at his convictions about central banking and
fiat paper money.
My favorite chapter unfortunately was one of the thinnest - Chapter 4:
"Central Banks and War." Commenting on the impact of the Fed during
World War I, Paul writes (p. 66): "In total, scholars have estimated
that only 21 percent of the war was funded through taxation. The remainder
was funded by Fed-backed borrowing (56 percent) and outright money creation
(23 percent), for a total cost of $33 billion."
For the U.S, the war meant the launching of the imperial presidency and a
globalized foreign policy; for Germany, it brought on the hyperinflation of
1923 and Hitler; For Russia, it meant the birth of Communism. "The beast
[the Fed] . . . promised all things to all people, made the wishes of all politicians
come true . . . [gave] the banking establishment in this country . . . new
guarantees against failure, which created a 'moral hazard' for them."
Not to mention the rest of us.
Many readers will have already read Tom Woods' Meltdown and Robert Murphy's
The P.I.G to the Great Depression and the New Deal. I encourage those people
to follow up with Dr. Paul's excellent book. If you haven't read those, order
all three and get busy. I promise you will never make a better investment. In
my view, the Fed is the most destructive force in the world, in part because
it's viewed as our savior rather than our destroyer. It is imperative to
understand its history and the role it has played in world events. Read this
book and encourage others to do the same.
George F. Smith
Read his book : The
Flight of the Barbarous Relic
Visit his website
Read his blog
George F. Smith is the author of The Flight of the
Barbarous Relic, a novel about a renegade Fed chairman and the editor of