by Lew Rockwell, Lew Rockwell:
Everybody knows Ron Paul’s heroic battle against the Fed. The Fed is at the center of all of the plots of the deep state to destroy us. Without its financial empire of fiat money, the deep state would not be able to function. But do you know how the slogan, “End the Fed,” forever associated with Dr. Paul, became popular? After Dr. Paul spoke to a student group at the University of Michigan, the audience was so charged up that a number of them took out Federal Reserve notes from their wallets and burned them. The demonstration attracted quite a bit of attention at the time. After that the slogan took off. Everybody was saying “End the Fed!”
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Dr. Paul gave a succinct summary of the case against the Fed in 2009.
“What unprecedented anti-Fed days these have been! We had our Audit the Fed Congressional hearing, in which the central bank — for the first time in 96 years — was put on the defensive. End the Fed was chosen as a Main Selection of the Conservative Book Club; this book, the first anti-central banking bestseller in American history, debuted at #2 on Amazon.com and #6 on the New York Times and Wall Street Journal bestseller lists.
End The Fed — which the Mises Institute’s Lew Rockwell calls “readable and persuasive beyond belief” — can climb up the NYT and WSJ lists week by week, eventually reaching #1, if you help me. Please, buy a copy. Buy one for a friend or family member. Spread the word. One businessman bought copies for all his 23 employees. Others have given them to students, a favorite use of mine.
Since 1913, the Fed has had it all its own way: booms and busts, dollar depreciation, redistribution to the government and the big banks from the middle and working classes. But just as Andrew Jackson abolished the predecessor of the Fed, we too can knock over this dangerous institution. End The Fed teaches all the fascinating history, and tells us what we can do for the future. It gives the constitutional, economic, moral, and libertarian arguments against what Jackson called “the Monster.”
Ever seen the Fed’s marble palace in Washington, DC, on Constitution Avenue (of all streets!)? That bunch sure knows how to live. I’ve long had a dream of being the auctioneer when the Fed is sold off for private offices, or maybe a Museum of Sound Money! Help me dull its scissors and then break them, so the Fed can’t cut down our dollar’s value. Indeed, I believe that people ought to be ashamed to work at such a place; an institution that has done so much damage to American prosperity and freedom, as well as to the freedom and prosperity of the whole world. For example, I want no more bowing and scraping to the Fed chairman when he goes to Capitol Hill to peddle his nonsense. He is just a bureaucrat, albeit a disastrous one.
Together, you and I can change things. Indeed, we must. Buy End The Fed. Get copies for those you love. Certainly get copies for those who disagree with us. For all our futures, nothing is as important as cutting the Fed down to size. Join me: let’s End the Fed.”
Dr. Paul gave a brilliant account of what is wrong with the Fed’s bailout policy in an article he wrote in 2019.
“Since September 17, the Federal Reserve Bank of New York has pumped billions of dollars into the repurchasing (repo) market, the first such intervention since 2009. The Fed has announced that it will continue to inject as much as 75 billion dollars a day into the repo market until November 4.
The repo market provides a means for banks that are temporarily short of cash to obtain short-term (usually one day) loans from other banks. The Fed’s interventions were a response to a sudden cash shortage that caused interest rates for these short-term loans to climb to 10 percent, far above the Fed’s target rate.
One of the factors blamed for the repo market’s cash shortage is the Federal Reserve’s sale of assets it acquired via the Quantitative Easing programs. Since launching its effort to “unwind” its balance sheet, the Fed had reduced its holdings by over 700 billion dollars. This seems like a large amount, but, given the Fed’s balance sheet was over four trillion dollars, the Fed only reduced its holdings by approximately 18 percent! If such a relatively small reduction in the Fed’s assets contributed to the cash shortage in the repo market, causing a panicked Fed to pump billions into the market, it is unlikely the Fed will be continuing selling assets and “normalizing” its balance sheet.
