After reading this book from 2009 it is definitely not surprising that Ron Paul is a big believer in crypto in 2023. A new technologically upgraded ‘gold’ standard, a hard sane currency he had craved since the switch to the fiat monetary system.
Let's revisit some of the thoughts and concepts articulated in his book.
A century of total war coincided with the century of central banking.
Inflation has been used to pay for all wars and empires as far back as ancient Rome.
The economic chaos that results from a policy of central bank inflation inevitably leads to political instability and violence.
Inflated prices only deceive one into believing that real wealth has been created. But easy come, easy go.
Low interest rates promote consumption and borrowing over savings and investing.
Inflation facilitates deficits, needless wars, and excessive welfare spending.
Inflation is the most vicious and regressive of all forms of taxation. It transfers wealth from the middle class to the privileged rich.
Diluting the value of the dollar by increasing its supply is a vicious, sinister tax on the poor and middle class.
Debased currencies always fail.
Dangerous times are ahead, we will be forced to devise a fiat monetary system just as the Bretton Woods system.
The longer we delay a conversion to sound money and away from central banking, the worse our crises will grow.
The idea of sound money in most human history has been bound up with gold money.
President Regan - “No great nation that abandoned gold standard has remained a great nation”.
The gold standard with no fed will impose discipline.
During a crisis or time of shortage, the free market is required more than ever. The market, or the black market is necessary will set the price of everything.
Allocating scarce resources, imposing wage and price controls is the last thing we need government to do.
Creating a lender of last resort inspired government to dream of ever more power, ever more programs, ever more ambitions.
When the printing presses are available to the government and the banking cartel, they will use them rather than do the right thing.
The greater the degree of freedom the people enjoy, the sounder has been the money. Tyranny always goes in hand with governments's wrecking of the monetary system.
Way out - end the Fed. hands-off attitude - allowing the invisible hand of free markets to function and correct imbalances.
Governments and central banks mess things up, but the market, if it is permitted to operate, is capable of sorting out the mess.
Increased purchasing power (deflation) was accompanied by the greatest period of economic growth in world history.
Most money is not money, but money substitutes.
Everyone who wants to control the world must have control of the monetary system.
Prosperity can never be achieved by cheap credit.
Inflated prices only deceive one into believing that real wealth has been created. But easy come, easy go.
As long as there is wealth available, the people won't complain about the takeover of the monetary system.
Government interventionism conditions business people to believe they can enjoy the rewards of the market, yet pass on the penalties to others.
The only way the government can fill its role as protector of last resort is through the sacrifice of personal liberty.
The entire system of fiat money and fractional reserve banking is like a super Ponzi scheme ( if we can't pay it back, let’s just create more!) and is the source of problems.