By Justin Williams
In 2008, Congressman Ron Paul stood up to the Republican establishment and ran for President. He inspired new young libertarians to join his campaign and get more involved with politics. Little did he know that a just over a year later, he would be the author of two bestselling books and the leader of a large well-funded movement called “Campaign for Liberty.”
In his latest book, titled “End the Fed,” Ron Paul zeros in on the Federal Reserve, an institution he has tried to put on the chopping block since he entered Congress. The timing of the book couldn’t be better. Ron Paul introduced H.R. 1207 (known as the “Audit the Fed” bill) earlier this year which has a record number of co-signers.
When first getting into this book, Paul takes the reader on a very different course then he or she might have expected. For example, he dedicates one chapter to his “Intellectual Influences.” As interesting as this is for anyone who is newly libertarian and/or took a similar path to it through Austrian Economics, like myself, it may distract from those who are more skeptical of his cause.
Once the second half of the book kicks off, the reader can tell that this is where Ron Paul really sinks his teeth in. He goes through the philosophical, constitutional, economic, and libertarian cases for ending the Fed. Showing that almost anyone who is not a socialist, communist, or fascist should support ending the Fed.
The economic case is strong and shows rightfully that “Where [the United States] do[es] have socialism is in money and credit and setting the interest rates.” This puts the argument in perspective for those who currently believe that Barack Obama is leading us towards socialism, as people will realize that the United States is already socialistic in one of the most vital industries.
The only part of this book that fell short was when Paul sent mixed signals on what a gold standard meant to him. At the beginning of the book, Paul states that Austrian Nobel Laureate F.A. Hayek wanted a bundle currency. Paul states that the currency could be anything, as long as it is not controlled by the government. However, Paul continues to reference gold as a currency standard throughout the book.
But the problem is that what most people consider to be the “gold standard” is simply government control over the currency with the ability to redeem for gold. This is not sufficient for a free money system and maybe Paul knows this as he defends the “wild cat banking” era. The message must be clear; any currency that is not centralized by government is a better currency.
Nonetheless, this is a great read and will certainly get the reader to think about money, which everyone deals with on a daily basis, in a different way. And will bring you to the strong clearly justified conclusion that the Federal Reserve must be abolished, as it is just an institution to serve government growth and special interest.
Justin Williams is the Senior Commentary Editor of ALG News Bureau and, as always, he accepts questions and comments at firstname.lastname@example.org