Patriot,

Over the past weekend, major stock indexes have plunged,
reflecting heightened fears that the U.S. economy is heading into
a recession. The CBOE Volatility Index - the so-called "fear
index" - jumped from 20 to 55, the highest level since the worst
days of the pandemic.

And we are just three months before the presidential election,
when one would expect the financial Powers That Be to do
everything possible to prevent an economic upset.

And as I note in my latest column - read it below - this comes as
the national debt hits another milestone at the fastest pace yet.


As I note, this is an important time for patriots to sound the
alarm about fiat money and demand sound money and free markets.

Read the column below, and if you can, please support Campaign
for Liberty's efforts to rein in the out-of-control Fed and the
spending.
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For Liberty,

Ron Paul

America Reaches a Sad Milestone

Last week the national debt reached 35 trillion dollars, a mere
seven months after the debt reached 34 trillion dollars. To put
this in perspective, the national debt first reached one trillion
dollars in October of 1981, almost 200 years after the
Constitution's ratification!

The fact that the government was adding one trillion dollars in
debt in little over half a year was not deemed worthy of comment
by President Biden, Vice President Harris, and most other US
politicians. This is not surprising since the national debt has
not been a central issue in DC since the days of the Tea Party
movement.

The Tea Party's efforts to focus attention on the debt resulted
in a bipartisan deal that made minuscule spending cuts. In fact,
most of the cuts were not real cuts. They were just reductions in
the "projected rate of spending increase," meaning the spending
still increased but just by not as much as originally planned.

This was not the first time that apparent spending limits
consisted of smoke and mirrors. For example, the budget
"surpluses" of the 1990s were due to the government's practice of
counting the social security trust fund as both a liability and
an asset, not because of bipartisan budget deals.

The Donald Trump-inspired rise of "populist nationalist
conservatism" that does not emphasize the national debt means
Republicans have less incentive to even talk about the debt -
aside from making justifiable, though hypocritical, attacks on
President Biden and congressional Democrats' excessive spending.
Similarly, the rise of a Bernie Sanders-influenced "new left" has
led even centrist Democrats to stop giving lip service to the
cause of deficit reduction.

Many Democrats, including those who have embraced Modern Monetary
Theory, agree with former Vice President Dick Cheney that
"deficits don't matter." Modern Monetary Theory asserts that as
long as the central bank can monetize federal debt and keep
interest rates low the government can endlessly increase the
amount of debt. This is not really modern, as the Federal Reserve
has long been acting as the "great enabler" of the federal debt.

Those who pretend deficits don't matter ignore the fact that
interest on the national debt will soon be the largest item in
the federal budget, consuming as much as 40 percent of federal
revenue. This is unsustainable. The devaluation of the dollar
resulting from the Federal Reserve's efforts to stimulate the
economy and monetize federal debt, combined with increasing
resistance to US hyper-interventionist foreign policy, will lead
to a rejection of the dollar's world reserve currency status.
When that occurs, there will be a major economic crisis unlike
anything this country has seen since the Great Depression.

This crisis could lead to increased support for authoritarianism
in both the left and the right. The result will be even greater
restrictions on economic and civil liberties and even more
belligerent foreign policy, scapegoating those who reject the
dollar's reserve currency status for the country's economic
problems.

However, the economic crisis also can be followed by a society
with minimal government and more liberty. The liberty movement is
still growing. Those who understand the philosophy of liberty and
sound economics must continue to spread the truth about the
dangers of fiat money and the growth of government power and
government debt. They must also communicate the benefits of the
free market, personal liberty, sound money, and peace.
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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 §
162(e)(1)).

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