US Republican Congressman and former presidential candidate Ron Paul has released End the Fed. Paul explains why we should care about central banks, how we got into the present economic mess and why the Federal Reserve should be abolished. It is a brief and enjoyable read with suggestions for more scholarly reading, some of which are on my bookshelf and within my recommendations for rethinking economics.
Today, we take for granted that a government should have a monopoly on the issue of currency and that the quantity of money should be manipulated by committees of wise men for our own good. There is an extensive body of serious literature which suggests we should should think again.
Watch out for the campaign to audit the Fed. If Ron Paul’s bill becomes law, expect reform of the system of money to enter mainstream debate.