Status
Available
Call number
Description
Traces the history of the Federal Reserve, revealing how the American government has used the Reserve as a way to deceive taxpayers and control the global economy and explaining how the Reserve influences the flow of money between citizens, businesses, banks, and the government.
Publication
American Media,U.S. (2018), Edition: 5th ed., 626 pages
Pages
626
Subjects
Similar in this library
ISBN
091298645X / 9780912986456
UPC
787721938170
Collection
Language
Original publication date
1994
Physical description
626 p.; 9 inches
User reviews
LibraryThing member Miro
The author provides a very useful monetary history of the United States showing that currency debasement by the states and central government has been a long running theme originating with the foundation of the first banks.
As he says, "Pay as you go" has never had a great appeal to politicians as
Of course the debts are never settled in real terms, and he gives the historical evidence for the inflationary process whereby creditors are paid back in devalued dollars.
The interesting part, and the main focus of the book, is the way in which this mechanism has been refined over time by an alliance between a cartel of large private banks (the Federal Reserve - so named to appear to be a non-bank branch of government) and US politicians to provide a permanent means for creating new money for endless deficit spending.
The reader may argue that despite all this the United States has been a success, but the author suggests that until recently the United States had a strong following wind comprising of a vast reservoir of unused resources and two world wars that destroyed the productive capacity of its main competitors. In a more stable international environment, budget and trade deficits quickly become unmanageable as credit floods in to fill the gaps with boom/ bust cycles feeding on obligatory low interest rates.
Griffin supports the Founders original intention that every dollar should backed by silver or gold, automatically ensuring that private or government borrowing has to be paid back in real money i.e. that money is never created to cover deficit spending, that investment is better evaluated and that the Fed/Congress axis be shut down.
As he says, "Pay as you go" has never had a great appeal to politicians as
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they prefer to pay for government largesse, wars etc. with borrowed or printed money rather than new taxes, enjoying the political benefits now while leaving someone else to settle the debt at a future date. Of course the debts are never settled in real terms, and he gives the historical evidence for the inflationary process whereby creditors are paid back in devalued dollars.
The interesting part, and the main focus of the book, is the way in which this mechanism has been refined over time by an alliance between a cartel of large private banks (the Federal Reserve - so named to appear to be a non-bank branch of government) and US politicians to provide a permanent means for creating new money for endless deficit spending.
The reader may argue that despite all this the United States has been a success, but the author suggests that until recently the United States had a strong following wind comprising of a vast reservoir of unused resources and two world wars that destroyed the productive capacity of its main competitors. In a more stable international environment, budget and trade deficits quickly become unmanageable as credit floods in to fill the gaps with boom/ bust cycles feeding on obligatory low interest rates.
Griffin supports the Founders original intention that every dollar should backed by silver or gold, automatically ensuring that private or government borrowing has to be paid back in real money i.e. that money is never created to cover deficit spending, that investment is better evaluated and that the Fed/Congress axis be shut down.
Show Less
LibraryThing member Coyote111
Why do people not care about this??
LibraryThing member PhyllisHarrison
Don't be intimidated by the size of the book or the design on the front cover. Pick it up and skim through it, see if any of it might be interesting or might apply to you, personally. The author tries to lay down a framework for explanations and starts off with an intriguing secret meeting, but I
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found the historical events, in particular the elections of Lincoln and Jackson, to be even more interesting. Southern historians have for years tried to explain about the export/import situation with tarrifs on trade with Europe as the true cause of the Civil War, but the subject appears to be either too difficult to retain and understand, or just not popular. Whether or not you believe in conspiracy theories, anyone looking at their personal or collective finances knows that a whole lot of things are just not working at the moment. This book takes a hard look at some events in our nation's history and offers explanations that have not been offered in such a comprehensive way before. The fact that he can keep rewriting the same book to keep it current is of interest as well. Show Less
LibraryThing member YHWHisYeshua
A primer on the history of banking in America and the creation of the Federal Reserve. This is a MUST READ for anyone who wants to learn about one of the most powerful institutions in our world today. The Fed is NOT a department of government! This book should be mandatory reading for all college
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students studying economics. Show Less
LibraryThing member willszal
I found the tone of Griffin insufferable. I only made it about a quarter of the way through the book. I'm fascinated by the Federal Reserve, and actually agree with Griffin's condemnation of globalization. Despite this promising context, he still managed to alienate me. He covers a lot of
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fascinating issues, such as Penn Central's demise and the Saving and Loans Crisis. But his analysis is so off base and irrational that I found it more confusing than useful to continue. Show Less
LibraryThing member fulner
I thought it was a fine book, though not as great as its fans think it is. I found some of it quite fascinating, particularly relationships between the Fed and the bank of England. However I find Griffin's nationalism disgusting. It seems to shroud much of his understanding of history, economics,
The story line of war and its preparatory was also interesting and a different look. He makes a decent argument that environmentalism is the "socialists" new substitute for war, but I think he under estimates the number of "Americans" who would totally believe an alien invasion.
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and politics. He also repeatedly talks about problems of capitalism, yet for some reason calls its socialism. (Like bankers and big corporations controlling entire economizes and political structures). My other concern is that this book was frist published in the 1990s, and although having been updated several time since then it is extremely out of date. Checks are near non-existent in 2021 in the US and have been for decades in much of the rest of the world. Younger audiences will have trouble following at all. The story line of war and its preparatory was also interesting and a different look. He makes a decent argument that environmentalism is the "socialists" new substitute for war, but I think he under estimates the number of "Americans" who would totally believe an alien invasion.
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LCC
HG2563 .G723