Gold, Peace, and Prosperity
by Ron Paul
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Book Summary Information
Author: Ron PaulEdition: Paperback
Audio: English (Published)
Published: 2007
ISBN: N/A
Number of pages: 91
Publisher: Mises Institute
Book Reviews of Gold, Peace, and Prosperity
Book Review: A Gold Standard Without State Intervention
Summary: 5 Stars
Ron Paul's easy-reading 57-page monograph addresses the history and current condition of our money and banking system, which he argues is solely responsible for inflation. Dr. Paul, a rising star among presidential candidates, originally entered politics in the 1970s because of his strongly-held convictions about Austrian economics in general and honest money in particular. Among the points he makes are:
* The 1913 Federal Reserve Act made it possible to finance our catastrophic entrance into WW I.
* The Fed's structure was inherently inflationary, requiring only a fraction of gold backing for notes and deposits.
* Contrary to mainstream views, depressions are the result of creating money out of thin air, which is how Austrian economists define inflation. For obvious reasons the monetary authorities never refer to it this way, but instead describe it as Fed open market purchases, or providing "liquidity" or "accommodation." Inflation thus increases the money supply artificially, an operation identical in its effects to counterfeiting, and fosters the malinvestments that make a correction (recession) necessary.
* Unlike previous panics and recessions in which government stayed out of the way, the 1930s depression was deepened and prolonged by massive government intervention on the part of both Republican and Democratic administrations.
* Popular myth blames unions or business for inflation by jacking up wages or prices arbitrarily. This is an effect, not a cause. inflation is the prerogative of the people in charge of the money supply.
* A "modern" gold standard would end inflation and the boom-bust business cycle. It would also preserve the value of the money we save. Paul's critics please note: He is not advocating a return to some previous version of the gold standard. He wants a monetary standard untainted by government intervention. If we want liberty and control of our lives, we need to take money out of the hands of government.
Ron Paul's book includes many relevant quotes to clarify his position and make the reading more interesting. Among those he cites are Jefferson, Jackson, Webster, Sennholz, Rothbard, Mises, Hayek, and especially the Keynes of 1919.
He takes issue with the author of the past century's most popular textbook on economics, Nobel laureate Paul Samuelson, who claimed the Fed was created over the objections of the bankers. But economic history tells us otherwise, Dr. Paul notes.. The Fed was in fact created by Wall Street's biggest bankers, Morgan, Rockefeller, and Kuhn-Loeb's man, Paul Warburg, in close cooperation with key government officials.
Ron Paul's book will not make the reader a monetary economist, but it will drive home enough common sense points about money to make him or her aware of the massive fraud that constitutes our money and banking system. I recommend Dr. Paul's book highly.
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