Patriot,

The welfare-warfare state is reaching its
breaking point, and the signs are everywhere.

As I argue in my latest column, which you can
read below, the fact we now pay a trillion dollars a year in
interest payments on the national debt should have been a wake-up
call.

But incredibly, the Treasury Secretary
herself, Janet Yellen, is arguing we can not only continue the
reckless spending, but fund no less than two wars, one of which
we are already losing.

The wars of empire must stop. If you agree
and support Campaign for Liberty's mission to advocate a
non-interventionist foreign policy, please consider supporting
Campaign for Liberty with a contribution.
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For Liberty,

Ron Paul

No Janet, We Cannot Afford More Wars

Bloomberg Intelligence recently released an
analysis showing that a year of interest payments on the national
debt now exceeds one trillion dollars. This should have been a
wake-up call to Congress and the Biden administration, but it was
largely ignored. The political and financial elites' continued
failure to acknowledge the dangers posed by the ever-growing
national debt is exemplified by Treasury Secretary Janet Yellen's
comment that America can, and must, fund both the Ukraine war and
the Israel war.

As a former Fed Chair, Yellen no doubt thinks
it does not matter how much the U.S. government spends as long as
the Fed can monetize the debt. Monetizing federal debt requires
the Federal Reserve to keep interest rates low. These low rates
incentivize government, businesses, and private citizens to take
on large amounts of debt. This may not be a problem as long as
the central bank keeps rates low. However, once the central bank
raises rates, many individuals, businesses, and even governments
will be unable to manage their debt.

Businesses will also learn they were misled
by low rates into making unwise investments, creating a
short-term boom, a bubble, and a crash.

The most pernicious Fed-created bubble is the
government bubble. The Fed's willingness to facilitate continued
increased spending on war and welfare leads to massive deficits.
The increased spending and the low interest rates necessary to
monetize the debt will inevitably lead to a bursting of the
government bubble, followed by a major economic crisis.

The only reason the government bubble has not
yet burst is the dollar remains the world's reserve currency.
However, the dollar could soon lose that status.

A collapse of the U.S. dollar empire would
benefit people in countries like Ukraine and Israel because it
would allow them to work for peaceful relations with their
neighbors instead of having their interests sacrificed for the
profits of the U.S. military-industrial complex.

Some American politicians claim military
spending is justified because it creates U.S. manufacturing jobs.
This ignores the fact that a dollar spent creating weapons of war
is a dollar that cannot be spent creating products that meet
consumers' needs and wants.

The fact that the Fed's modest interest rate
increases were difficult for many individuals and businesses
suggests that we are nearing an end to the fiat money era that
began in 1971 when Richard Nixon severed the last link between
the U.S. dollar and gold.

The only way to avoid a dollar crisis
followed by an economic meltdown is for Congress to stop pouring
money into a futile attempt to run the world and instead pursue a
policy of peace and free trade with all.

This will not only benefit the American
people, but people around the globe. Ending the warfare state
will free up resources that can be used to support those truly
dependent on government programs while we unwind the welfare
state and transfer to local charities and religious institutions
responsibility for aid to those in need.

It is no coincidence that America's
transformation from a constitutional republic into a
welfare-warfare state that seeks to control the people's lives
and run the world was not completed until the creation of the IRS
and the Federal Reserve. The American people's liberty and
prosperity will never be safe from power-hungry politicians and
self-anointed world saviors until the income tax is repealed and
the Fed is audited and ended.

If you would like to make a donation by mail, please send your
check to Campaign for Liberty, PO Box 104, Lake Jackson TX 77566
or you can call 703-865-7162.

The mission of Campaign for Liberty is to promote and defend the
great American principles of individual liberty, constitutional
government, sound money, free markets, and a constitutional
foreign policy, by means of education, issue advocacy, and
grassroots mobilization.

© Campaign for Liberty, 2012. Paid for by Campaign for Liberty
and not authorized by any candidate or candidate's committee.

Because of Campaign For Liberty's tax-exempt status under IRC
Sec. 501(C)(4) and its state and federal legislative activities,
contributions are not tax deductible as charitable contributions
(IRC § 170) or as business deductions (IRC §
162(e)(1)).

www.CampaignForLiberty.org


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