Patriot,

As I noted in Thursday's email, the Federal
Reserve is not just out of control - it's on the verge of
destroying the dollar itself.

If you haven't already seen my column for
this week at campaignforliberty.org, it's reproduced below.

And of course, if you haven't already done
so, be sure you sign the petition to Audit the Fed. and either
way encourage others to do the same.
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-Ron Paul

America's Most Dangerous Unknown Man

The US Senate will soon vote on Federal
Reserve Chairman Jerome Powell's nomination to a second term. One
of the senators opposing Powell is Elizabeth Warren. I don't
often agree with Senator Warren, but I do agree with her
assessment that Powell is "dangerous." However, Warren actually
doesn't understand what makes Powell, or any Fed chairman,
intrinsically dangerous to liberty and prosperity.

Warren thinks Powell is dangerous because she
thinks he will not be supportive enough of imposing her desired
new regulations on banks and other financial institutions.
Senator Warren, like most progressives, clings to a fantastical
notion that regulations benefit workers, consumers, and small
businesses. The truth is most regulations benefit large
corporations by imposing costs that big businesses can easily
absorb, but that their smaller competitors cannot.

Powell is a threat to the American people.
Under his tenure, the Fed has kept interest rates at or near
zero. The Fed's balance sheet has grown to over eight trillion
dollars. This has caused prices to climb at a rate America has
not seen in several decades.

At his nomination hearing before the Senate
Banking Committee, Powell reiterated the Fed's intention to fight
inflation by reducing its monthly 120 billion dollars purchase of
Treasury and mortgage-backed securities. Powell also stated that
the Fed is planning to increase interest rates this year.
However, even if the Fed follows through on this, interest rates
will remain at historically low levels.

Powell, like Elizabeth Warren and other
progressives, dangerously believes that the Fed should go "woke."
However, Powell is still not "woke" enough for progressives who
lobbied President Joe Biden to replace Powell with Fed board
member Lael Brainard, the biggest supporter of Elizabeth
Warren-style regulations on the Fed board. Brainard is more
committed than Powell to using monetary and regulatory policies
to advance the "woke" agenda. President Biden did end up
nominating Brainard to become vice chairman at the Fed.

A Powell-Brainard Fed would likely use
"social and climate justice" as a justification for expanding the
Fed's easy money policies. President Biden has recently nominated
Sarah Bloom Raskin to the Fed board, who also has advocated for
the Fed to use its power to fight climate change.

A central bank committed to the social
justice and climate change agendas will inevitably increase the
Fed's "inflation tax." Contrary to the claims of some
progressives, lower-income Americans are primary victims of this
hidden and regressive tax.

Powell prefers to push his rather zealous and
extremist philosophies behind the scenes. Thus, not surprisingly,
he is a leading opponent of Audit the Fed. Powell claims that
bringing transparency to the Fed's conduct of monetary policy
would somehow jeopardize the Fed's independence. Powell's claim
is truly fake news. There is nothing in the Audit the Fed bill
giving Congress or the executive branch any new power over
monetary policy.

Any group of individuals given the power to
manipulate the money supply, and manipulate the interest rates
that are the price of money, poses a threat to our liberty and
prosperity. The solution is not to replace Powell with a "better"
Fed chairman, or to force the Fed to follow a "rule" that still
allows it to erode the dollar's value. The only way to protect
the people from dangerous individuals like Jerome Powell, Lael
Brainard, and the rest of the Fed board is to audit and then end
the Fed.




Sign and Share the Petition to Audit the Fed!

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common cause with a contribution.

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