Dear Fellow Patriot,

I wanted to make sure you saw Dr. Paul's
recent column on the Federal Reserve.

For decades, Big Government socialists and
the global financial elites spoon-fed Americans propaganda about
Keynesian "solutions" for every crisis -- massive stimulus
spending made possible by the Fed printing money out of thin air.


As Dr. Paul points out, the Fed is using the
coronavirus panic as a convenient excuse to pump trillions into
the market to benefit the big banks and embark on other
interventions designed to blow up bubbles inflated with even more
money printed out of thin air.

But the truth is, the Fed began panicking
about the state of the economy months before the first cases of
cornavirus were reported in China. This is yet another example of
why we must force Congress to Audit the Fed before their funny
business completely destroys our economy. Campaign for Liberty
will keep you up-to-date on this looming battle and our plans to
strike at the root of the Big Government Leviathan -- the Federal
Reserve itself. For now, please read Dr. Paul's column, and
then, forward it to your family, friends, and coworkers.

And chip in $50, $25 , $10, or whatever you
can afford to support Campaign for Liberty's efforts to expose
the Fed and put a stop to all the havoc wrought by the Federal
Reserve system.

In Liberty,

Norm Singleton




The Federal Reserve: More
Lethal than Coronavirus


By Dr. Ron Paul, M.D., C4L Chairman

The Federal Reserve announced it will keep
interest rates at or near zero until the economy recovers from
the government-imposed shutdown. Following this announcement,
Federal Reserve Chairman Jerome Powell urged Congress and the
Trump administration to put aside any concerns about the deficit
and spend whatever it takes to stimulate the economy and combat
coronavirus.

The Federal Reserve previously announced it
would make unlimited purchases of Treasury securities, thus
encouraging Congress and the president to increase spending and
debt. With some members of Congress talking about another
multi-trillion-dollar stimulus bill, and with President Trump
proposing a two trillion dollars infrastructure plan as a way to
get Americans back to work, it is obvious, and not surprising,
that Congress and President Trump gleefully agree with Powell's
advice.

Increasing the purchase of federal debt is
not the only action the Fed has taken in a desperate attempt to
keep the economy afloat. Since the coronavirus lockdowns began in
early March, the Fed has greatly expanded its balance sheet. The
Federal Reserve has also launched an unprecedented program to
"loan" money directly to businesses.

While some states are beginning to end the
lockdowns, it may be months or even another year before all the
lockdowns are finally ended. It is unlikely that the economy will
completely recover after the shutdown ends.

The economy was teetering on the brink of a
recession months before anyone heard of coronavirus. Last
September, a panicked Fed began emergency infusions of cash into
the repurchasing market, which is where banks make short-term
loans to each other. The Fed's balance sheet expansion also began
in September. The Fed was also pushing interest rates down before
the coronavirus panic, and it will likely keep rates at or even
below zero long after the crisis related to the shutdown
subsides.

Economic stagnation combined with zero or
negative interest rates remove incentive for people to save. This
depletes the supply of private capital available to invest in
businesses and jobs. The lack of private capital will put
pressure on the Federal Reserve to maintain, and even expand, its
new lending programs indefinitely.

Each of the Federal Reserve's responses to
the coronavirus shutdown increases the distortions of the market
caused by the Federal Reserve's meddling with the money supply
and interest rates. These increased distortions guarantee the
inevitable crash will be much more severe than the current
downturn. The one upside is that the next meltdown will likely
lead to the end of the fiat money system and thus the end of the
welfare-warfare state.

The only way to minimize the coming crisis is
to begin immediately unwinding the current system. The first step
is to end the lockdown and let businesses reopen and people go
back to work. Congress must then begin challenging monetary
policy by passing the Audit the Fed bill. Congress should also
cut spending, starting with ending our hyper-interventionist
foreign policy and bringing the troops home. Ending the
welfare-warfare state and the fiat money system may cause some
short-term pain, but that pain will be dwarfed by the long-term
gains in liberty, peace, and prosperity.


###

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