# End the Fed by Ron Paul, Part 2

By [toni](https://paragraph.com/@t0n1) · 2023-10-12

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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.

War
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> *   `A century of total war coincided with the century of central banking.`
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> *   `Inflation has been used to pay for all wars and empires as far back as ancient Rome.`
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> *   `The economic chaos that results from a policy of central bank inflation inevitably leads to political instability and violence.`
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Inflation
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> *   `Inflated prices only deceive one into believing that real wealth has been created. But easy come, easy go.`
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> *   `Low interest rates promote consumption and borrowing over savings and investing.`
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> *   `Inflation facilitates deficits, needless wars, and excessive welfare spending.`
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> *   `Inflation is the most vicious and regressive of all forms of taxation. It transfers wealth from the middle class to the privileged rich.`
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> *   `Diluting the value of the dollar by increasing its supply is a vicious, sinister tax on the poor and middle class.`
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Sane money and gold standard
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![Ron Paul, second from left, and other members of Congress ride on a truck loaded with simulated gold bricks toward the Capitol in Washington. ](https://storage.googleapis.com/papyrus_images/ef13c1a5517646ab59fffc15b720682a908778d52b2d46399219169f658deee9.jpg)

Ron Paul, second from left, and other members of Congress ride on a truck loaded with simulated gold bricks toward the Capitol in Washington. 

> *   `Debased currencies always fail.`
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> *   `Dangerous times are ahead, we will be forced to devise a fiat monetary system just as the Bretton Woods system.`
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> *   `The longer we delay a conversion to sound money and away from central banking, the worse our crises will grow.`
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> *   `The idea of sound money in most human history has been bound up with gold money.`
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> *   `President Regan - “No great nation that abandoned gold standard has remained a great nation”.`
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> *   `The gold standard with no fed will impose discipline.`
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### Free markets vs government

> *   `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.`
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> *   `Allocating scarce resources, imposing wage and price controls is the last thing we need government to do.`
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> *   `Creating a lender of last resort inspired government to dream of ever more power, ever more programs, ever more ambitions.`
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> *   `When the printing presses are available to the government and the banking cartel, they will use them rather than do the right thing.`
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> *   `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.`
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> *   `Way out - end the Fed. hands-off attitude - allowing the invisible hand of free markets to function and correct imbalances.`
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> *   `Governments and central banks mess things up, but the market, if it is permitted to operate, is capable of sorting out the mess.`
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Surprising facts
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> *   `Increased purchasing power (deflation) was accompanied by the greatest period of economic growth in world history.`
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> *   `Most money is not money, but money substitutes.`
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> *   `Everyone who wants to control the world must have control of the monetary system.`
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> *   `Prosperity can never be achieved by cheap credit.`
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> *   `Inflated prices only deceive one into believing that real wealth has been created. But easy come, easy go.`
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> *   `As long as there is wealth available, the people won't complain about the takeover of the monetary system.`
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> *   `Government interventionism conditions business people to believe they can enjoy the rewards of the market, yet pass on the penalties to others.`
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> *   `The only way the government can fill its role as protector of last resort is through the sacrifice of personal liberty.`
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> *   `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.`
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*Originally published on [toni](https://paragraph.com/@t0n1/end-the-fed-by-ron-paul-part-2)*