Patriot,
The Federal Reserve has been out of bullets
for a very long time.

While recklessly inflating our currency and
causing bubbles and collapses, they are becoming overtly
political -- something they have denied for decades.

Now they're adopting "woke ideology,"
specifically about how to affect "Climate Change" with monetary
policy.

Preposterous.

Economic conditions are dicey enough now, so
just imagine the disasters to come if they base their decisions
on changes in weather and unproven theories about mankind's role
in it.

They're even discussing ways to use monetary
policy to dismantle "systemic racism," which is another far left
political narrative that has sprung up just in the last few
years.

My column this week is about the Biden
Administration finding one more way to promote their failing woke
agenda and using the Federal Reserve's monetary policy as the
vehicle.

In the end, nothing short of a full audit of
the Federal Reserve will really expose the Fed and their agenda.
Campaign for Liberty continues to work with Rep. Thomas Massie
and my son, Sen. Rand Paul, to push through The Federal Reserve
Transparency Act. I hope you'll keep fighting with me.

-Ron



The 'Woke' Fed

President Joe Biden has ordered the Financial
Stability Oversight Council to prepare a report on how the
financial system can mitigate the risks related to climate
change. The Financial Stability Oversight Council was created
through the Dodd-Frank financial regulatory reform act and is
supposed to identify and monitor excessive risk to the financial
system. The council is composed of the heads of the major federal
financial regulatory agencies, including the Federal Reserve.

Federal Reserve Chair Jerome Powell is no
doubt pleased with Biden's order. Powell has been pushing for the
Fed to join other central banks in fighting climate change. Among
the ways the Fed could try to mitigate the risks related to
climate change is by using its regulatory authority to
"encourage" banks to lend to "green" businesses and deny capital
to "polluters." The Fed could also use "quantitative easing" to
give green industries an advantage over their non-green
competitors. Another way the Fed could "fight climate change" is
by committing to monetizing all federal debt created by
legislation implementing the Green New Deal.

Climate change is not the only area where the
Fed is embracing the agenda of the "woke." Some Federal Reserve
Banks have taken the lead in a series of events called "Racism
and the Economy" that are concerned with dismantling "systemic
racism." The Fed's commitment to ending systemic racism could
lead the central bank to requiring that banks and other financial
institutions further relax their lending standards for
minorities. The role the Community Reinvestment Act played in the
2008 housing meltdown shows that when government forces financial
institutions to give loans to otherwise unqualified applicants,
the recipients of those loans often are unable to make their
payments, lending to foreclosures and bankruptcies.

Racial justice arguments could also justify
an easy money, low interest rate policy on the grounds that
curtailing money creation slows economic growth,
disproportionately harming minorities.

The Fed may court favor with the Biden
administration and its congressional allies by going woke.
However, it will face a backlash from those who oppose expanding
government power to address nonexistent threats of climate change
and to promote the lie that free markets are causing systemic
racism. This backlash will be fueled by rising anger over
widespread price increases. This will increase the already strong
public support for the Audit the Fed legislation. A complete
Federal Reserve audit will provide to Congress and the American
people the truth about the Fed's conduct of monetary policy,
including how politics affects the Fed's actions.

The use of the woke agenda as an excuse to
further politicize the allocation of capital and continue to
expand the Fed's easy money, low interest rate policy will hasten
and deepen the next economic crisis. This crisis will either be
precipitated by or result in the rejection of the dollar's world
reserve currency status. It will also likely result in the
collapse of the entire Keynesian welfare-warfare system.
Unfortunately, there is a likelihood that the current system will
be replaced with a government even more authoritarian than the
current one. But, if those of us who know the truth can educate
enough people about liberty, we can make sure the next economic
crisis leads to a rebirth of limited government, free markets,
and individual liberty.

For Liberty,

Ron Paul
Chairman



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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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(IRC § 170) or as business deductions (IRC §
162(e)(1)).

www.CampaignForLiberty.org





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