Patriot,

With all the direct threats to your liberty
during the first five months of the Biden presidency, it's easy
to forget the power structure's ace card continues to be the
manipulation of the currency.

All the authoritarian power grabs, including
gun control, multi-trillion-dollar bailouts, and domestic
crackdowns are the "solutions" to the problems they created by
destroying our society and trust among citizens.

The big weapon they use that causes all this
destruction with financial bubbles and collapses that have real
consequences in the lives of the poor and middle class is the
Federal Reserve.

My column this week is about the dangers we
face of an even more severe authoritarian government taking power
on the other side of the next big collapse, which could be just
over the horizon.

I hope you'll take a read below. And please
know I'm always grateful for all your support.

-Ron



The Road to Authoritarianism is Paved with
Fiat Currency

Last week, the Federal Reserve announced it
will maintain an interest rate target of zero to 0.25 percent for
the rest of 2021. The Fed said it will also continue its monthly
purchase of 120 billion dollars of Treasury and mortgage-backed
securities.

Some Fed board members are forecasting a rate
increase by late 2022 or 2023, though with the rate still not
reaching one percent. The Fed will neither allow interest rates
to rise to market levels nor reduce its purchase of Treasury
securities. A significant increase in interest rates would make
the government's borrowing costs unsustainable.

The Fed also raised its projected rate of
inflation to three percent, although it still insists the rise in
prices is a transitory effect of the end of the lockdowns. There
is some truth to this, as it will take some time for businesses
to get back to full capacity. However, the Fed began taking
extraordinary measures to prop up the economy in September of
2019, when it started pumping billions of dollars a day into the
repo market that banks use to make short-term loans to each
other. The lockdowns only postponed and deepened the forthcoming
Fed-caused meltdown.

Germany's Deutsche Bank recently released a
paper warning about the Federal Reserve continuing to disregard
the inflation risk caused by easy money policies designed to
"stimulate" the economy and facilitate massive government
spending. Germans have reason to be sensitive to the consequences
of inflation, including hyperinflation. Out-of-control inflation
played a major role in the collapse of the German economy in the
1920s, which led to the rise of the National Socialists.

This pattern could repeat itself in America
where we have already witnessed the rise of authoritarian
movements. Last summer, groups exploited legitimate concerns
about police misconduct to ferment violence across the country.
Can anyone doubt that an economic crisis that leads to mass
unemployment, foreclosures, and maybe even shortages will result
in large-scale violence? Or that the violence will be exploited
by power-hungry politicians? Or that many people will once again
fall for the big lie that preserving safety requires giving up
their liberty?

The apparatus of repression already exists in
the form of a surveillance state, police militarization, and big
tech's cooperation with big government to stamp out dissent. Now,
President Biden and his congressional allies want to use the
January 6 US Capitol turmoil to justify expanding government
powers in the name of stopping "domestic terrorists." Part of
this new campaign is expanding censorship of "extremism," defined
as any views that threaten the status quo. The Biden
administration has taken a page from the Communist playbook in
suggesting people report their friends and family who are
becoming "radicalized."

We may still have time to prevent collapse in
America, or at least to make sure the collapse leads to a
transition to a free society. The key to success is spreading the
ideas of liberty until we have the ability to force the
politicians to dismantle the welfare-warfare state and the fiat
money system that is the lifeblood of authoritarian government.

For Liberty,

Ron Paul
Chairman



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