Patriot,

As I discuss in my newest column - read it below - there are new
signs the Federal Reserve is losing its ability to postpone the
inevitable.

The world is on the brink of rejecting the dollar as a reserve
currency, Medicare and Social Security are going bankrupt, and
before much longer, monetizing the debt will become the
government's top spending priority.

There is only one solution to this problem - the government must
reduce its spending, starting by reining in the war spending.

Of course, reining in the Fed itself is also critical. Whether or
not you've done so before, take a moment today to tell your
representative and senators to Audit the Fed.
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And if possible, please help support Campaign for Liberty's
efforts to prevent the next financial crisis with a contribution.

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For Liberty,

Ron Paul
Chairman

Will the Fed Lose Control?

According to new reports from the Social Security and Medicare
trustees, Social Security and a Medicare fund that pays for
hospital expenses will both begin running deficits in 2035 and
2036. Disappointingly, but not surprisingly, Congress was too
preoccupied spending billions more on military aid for foreign
countries and banning TikTok to pay attention to the looming
bankruptcy of the two largest federal entitlement programs.

Many in Congress no doubt believe they can ignore the impending
bankruptcy of Social Security and Medicare because they can count
on the Federal Reserve to do the "dirty work" of cutting real
benefits and raising taxes. This result can be produced via the
hidden, and regressive, "inflation tax."

The Federal Reserve makes the debt-financed welfare-warfare state
possible by monetizing the federal debt. This is one reason why,
even though interest on the debt is now the third largest item in
the federal budget behind Social Security and Medicare and ahead
of military spending, there are so few in Congress serious about
cutting welfare or warfare.

Those few who seek real spending cuts in welfare are smeared as
"heartless" while those seeking real cuts in warfare are smeared
as "anti-American" by the Uniparty.

The government's excessive spending and debt is leading to what
some economists call "fiscal dominance." Fiscal dominance occurs
when a central bank must prioritize monetizing ever higher levels
of government debt, giving Congress de facto control over
monetary policy.

The Federal Reserve's purchase of federal debt will result in
price inflation. It will also encourage more government spending
by reinforcing the Uniparty delusion that, as former Vice
President Dick Cheney said, "deficits don't matter."

The Federal Reserve's inflationary policies artificially lower
the interest rates, which are the price of money. The
artificially low interest rates distort the signals sent to
investors and entrepreneurs, leading to malinvestment. This
creates bubbles resulting in illusory prosperity. Eventually,
economic reality will catch up with the Fed-created illusions and
the bubbles will burst, causing an economic downturn.

The next economic crisis will likely either be caused by or
result in a rejection of the dollar's world reserve currency
status. Congress will be forced to make drastic cuts in spending
while the Fed will be enabled to monetize the debt. This will
result in massive public unrest potentially resulting in
violence, the rise of authoritarian movements on the left and
right, and increasing authoritarianism.

The only way to avoid this fate is for a critical mass of
Americans to demand Congress immediately begin rolling back the
welfare-warfare state, starting with our bloated military budget.
The savings from this can be used to help protect those currently
reliant on government welfare and entitlement programs as those
programs are phased out and the job of providing aid is returned
to private charities, churches, and local communities. Congress
should also rein in the Federal Reserve by passing the Audit the
Fed bill, legalizing alternative currencies, and forbidding the
Fed from purchasing government debt.

Since the 2008 meltdown, Federal Reserve apologists have spent a
lot of time saying that Audit the Fed puts Congress in charge of
monetary policy while ignoring the fact that a real threat to the
central bank's autonomy is the growth in federal spending and
debt. The goal, though, should be to abolish the Federal Reserve,
not protect it. Those who truly want a monetary system free from
political interference should join the movement to restore
government's constitutional limits and separate money and state.

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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.

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and not authorized by any candidate or candidate's committee.

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(IRC § 170) or as business deductions (IRC §
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