End the Fed is a 2009 book by Congressman Ron Paul

Ron Paul

Ronald Ernest "Ron" Paul is an American physician, author and United States Congressman who is seeking to be the Republican Party candidate in the 2012 presidential election. Paul represents Texas's 14th congressional district, which covers an area south and southwest of Houston that includes...

 of Texas

Texas

Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...

. The book debuted at number six on the New York Times Best Seller list

New York Times Best Seller list

The New York Times Best Seller list is widely considered the preeminent list of best-selling books in the United States. It is published weekly in The New York Times Book Review magazine, which is published in the Sunday edition of The New York Times and as a stand-alone publication...

 and advocates the abolition of the United States

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 Federal Reserve Bank.

Summary

Paul argues that "in the post-meltdown world, it is irresponsible, ineffective, and ultimately useless to have a serious economic debate without considering and challenging the role of the Federal Reserve."

In End the Fed, Paul draws on American history, economics, and anecdotes from his own political life to argue that the Fed is both corrupt and unconstitutional. He states that it is inflating currency today at nearly a Weimar or Zimbabwe

Hyperinflation in Zimbabwe

Hyperinflation in Zimbabwe began shortly after destruction of productive capacity in Zimbabwe's civil war and confiscation of white-owned farmland. Food output capacity fell 45%, manufacturing output 29% in 2005, 26% in 2006 and 28% in 2007, and unemployment rose to 80%...

 level, which Paul asserts is a practice that threatens to put the United States

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 into an inflationary

Inflation

In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...

 depression

Depression (economics)

In economics, a depression is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe downturn than a recession, which is seen by some economists as part of the modern business cycle....

 where $100 bills are worthless. He further maintains that most people are not aware that the Fed — created by the Morgans

J. P. Morgan

John Pierpont Morgan was an American financier, banker and art collector who dominated corporate finance and industrial consolidation during his time. In 1892 Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric...

 and Rockefellers

Rockefeller family

The Rockefeller family , the Cleveland family of John D. Rockefeller and his brother William Rockefeller , is an American industrial, banking, and political family of German origin that made one of the world's largest private fortunes in the oil business during the late 19th and early 20th...

 at a private club

Jekyll Island Club

The Jekyll Island Club was a private club located on Jekyll Island, on the Georgia coastline. It was founded in 1886 when members of an incorporated hunting and recreational club purchased the island for $125,000 from John Eugune du Bignon. The original design of the Jekyll Island Clubhouse, with...

 off the coast of Georgia

Jekyll Island

Jekyll Island is an island off the coast of the U.S. state of Georgia, in Glynn County; it is one of the Sea Islands and one of the Golden Isles of Georgia. The city of Brunswick, Georgia, the Marshes of Glynn, and several other islands, including the larger St. Simons Island, are nearby...

— is actually working against their own personal interests.

Paul also draws on the historical links between the creation of central banks and war, explaining how inflation and devaluations have been used as war financing tools in the past by many governments from monarchies to democracies.

Critical reception

Charles Scaliger of The New American called the book a "must read." After an interview with Ron Paul about the book, Jon Stewart

Jon Stewart

Jon Stewart is an American political satirist, writer, television host, actor, media critic and stand-up comedian...

 of The Daily Show

The Daily Show

The Daily Show , is an American late night satirical television program airing each Monday through Thursday on Comedy Central. The half-hour long show premiered on July 21, 1996, and was hosted by Craig Kilborn until December 1998...

called it "thought provoking" and "clearly from the heart."

James Pressley, writing for Bloomberg

Bloomberg L.P.

Bloomberg L.P. is an American privately held financial software, media, and data company. Bloomberg makes up one third of the $16 billion global financial data market with estimated revenue of $6.9 billion. Bloomberg L.P...

, took a critical view of the book's content, saying Paul was "right, yet draws the wrong conclusions."