Nathan Williams of Forbes is the latest writer to praise Campaign for Liberty Chairman Ron Paul's 2009 New York Times bestseller End the Fed. Williams is particularly impressed with how Dr. Paul condenses his lifetime of study and experience with monetary policy and Dr. Paul's account of the young people chanting End the Fed at college campuses in 2008:
“ I was able to speak to more than 4,000 students in the quad at Ann Arbor. …
When I mentioned monetary policy, the kids started cheering. Then a small group chanted, ‘End the Fed! End the Fed!’ The whole crowd took up the call. Many held up burning dollar bills, as if to say to the central bank, you have done enough damage to the American people, our future, and to the world: your time is up.”
People know. Even people aged 18-21. But, they need someone to put it into words.
I’ve talked about the need for a “shelf of books,” that are contemporary and correct, and which can serve as the conceptual foundation for whatever monetary system may eventually replace our present arrangements. No old books and no books that are so full of fallacy as to be unusable, no matter how well-meaning the authors may have been. People actually understand these things significantly better today than was the case in the 1960s and 1970s, although unfortunately that improvement has not been well documented in print.
One reason why we still have floating currencies today is that people just didn’t understand these things at all in the 1970s. You would think that after twenty years of extraordinary prosperity during the 1950s and 1960s with the Bretton Woods gold standard arrangement, and a decade of inflationary disaster in the 1970s with floating fiat currencies, that people in the U.S. might have been a little favorable toward the Classical (gold-based) monetary approach that the U.S. had pursued for the previous 182 years. Nope. Paul recounts his experience at the 1981 Congressional Gold Commission:
“Henry Reuss, chairman of the House Banking Committee, attended one meeting and left in a rage. He couldn’t stand one minute of serious consideration of the importance of gold.”
That was a typical response from other supposedly knowledgeable people at that time. The ignorance of that era is breathtaking — especially considering that the U.S.’s gold standard era had ended only ten years previous.
Under Dr. Paul's leadership, Campaign for Liberty continues to work to free the American people from the harm down to their freedom and prosperity by the Federal Reserve. The first step is to Audit the Fed.
You can purchase an autographed copy of End the Fed here.
Tags: Ron Paul, Audit the Fed