Free Prices Now!: Fixing the Economy by Abolishing the Fed

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And those are just its arguably lawful activities. As Lewis points out, much of what the Fed does is clearly illegal. It long ago lost any solid connection to market reality and is all fictional to one degree or another. Get rid of the Fed and drastically scale back the government.

That is precisely what Lewis recommends. He also calls for banking reform — not the Dodd-Frank method of piling on more bureaucracy that only ends up favoring the big banking interests, but bringing an end to fractional reserve banking, whereby banks keep in reserve only a fraction of the money needed to pay their depositors on demand, using the money that should have been kept in reserve to create additional loans.


  • Werkstoffkunde: Strukturen, Eigenschaften, Prüfung (Viewegs Fachbücher der Technik) (German Edition).
  • Free Prices Now!.
  • Honesty Is the Best Economic Policy;

End fractional reserve banking, he maintains, and banks will be solvent at all times, eliminating any perceived need for government deposit insurance and, in turn, all other government controls. Echoing former congressman Ron Paul and Ludwig von Mises Institute chairman Llewellyn Rockwell, whom he quotes at length, Lewis stumps for ending government control over the money supply and allowing the market to determine what will be used as money, thereby preventing it from being subject to political manipulation. Lewis writes in a direct, lucid style, with none of the obfuscatory terminology so often found in economics literature.

He does not assume that the reader has a prior understanding of economics, instead spending several chapters laying out the basics of supply and demand and how they relate to prices, profits, and losses. That, combined with his easy-to-read style, makes Free Prices Now!

Honesty Is the Best Economic Policy

A few minor criticisms are, however, in order. Lewis has a tendency to overuse block quotations, even going so far as to use them for single words at times, which can interrupt the flow of the writing a bit. Also, the book would have benefited from some more careful editing. Those relatively small quibbles notwithstanding, I unreservedly recommend Free Prices Now! Thank you for joining the discussion at The New American. We value our readers and encourage their participation, but in order to ensure a positive experience for our readership, we have a few guidelines for commenting on articles.

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    Free Prices Now! Fixing the Economy by Abolishing the Fed | Mises Institute

    Movies Books Opinion American Principles. Please review our Comment Policy before posting a comment. The Soviet Union fell because it would not allow prices to tell the truth about the economy. Why are we repeating the same mistake? Dishonest prices both impede recovery and feed economic and political corruption. How can it be that billions still lack even enough to eat?

    It then provides the answer. A prosperous society is a cooperative society. Cooperation in turn depends on trust.

    Milton Friedman

    And trust requires honesty. The most reliable barometer of economic honesty is to be found in prices. Honest prices, neither manipulated nor controlled, provide both investors and consumers with reliable economic signals. They are the foundation for a successful economy. A corrupt economic system does not want honest prices, honest information, or honest results.

    Other parts of government have contributed as well.

    In effect, the regulators on whom we depend have become dis-regulators. Can it really be this simple, that economic prosperity and job growth depend on allowing economic prices to tell the truth, free from the self-dealing and self-interested theories of powerful special interests? Although Lewis takes us inside the complexities of the national economy and the Federal Reserve, his lively and transparently clear writing style makes it easy for anyone to follow him.