Patriot,

The White House's recent effort to label gas prices and
skyrocketing price inflation as "Putin's price hike" was so
absurd, even the normally sympathetic mass media had to mock it.

The White House takes zero blame and essentially claimed Vladimir
Putin controls prices in America. Imagine thinking that somehow
makes American policymakers look any better.

But let's look past the petty political games and examine what's
really behind these massive price hikes that are devastating the
American economy.

In my latest column, I argue the primary culprit is the Federal
Reserve.

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

And of course, be sure you sign the petition to Audit the Fed and
encourage others to do the same.
[link removed]

-Ron Paul


Blame Powell, Not Putin or 'Greedy' Corporations, for Price Hikes


The Biden administration and its allies continue to use Russian
President Vladimir Putin as the convenient excuse for their
economic failures. The most recent falsehood is that Russia's
invasion of Ukraine caused March's 8.5 percent year-over-year
increase in the Consumer Price Index (CPI).

Prices were surging long before Russian troops entered Ukraine.
Furthermore, Putin did not stop exporting food and gas; it was
the Biden administration and Congress that imposed sanctions,
making US consumers suffer additional price increases. The blame
for the economic effects lies with the US government, not Russia.


The United States has for years been meddling in Ukraine's
affairs with the explicit goal of moving US and NATO military
forces ever closer to Russia. The most notorious example was the
2014 US-orchestrated coup that overthrew Ukraine's democratically
elected government.

Russia has a legitimate grievance over the US supporting
expanding NATO to include Ukraine, despite the US having promised
not to support expanding NATO beyond Germany's borders during
negotiations over how to end the Cold War. Foreign policy
experts, including George Kennan, the architect of the Cold war
"containment" strategy, warned that Russia would respond
adversely to NATO expansion near Russia.

Before the Ukraine conflict, Biden and his fellow Democrats
blamed price increases on "greedy" corporations, going so far as
to claim that increasing antitrust prosecutions would somehow
bring down prices. Then Putin became the new excuse.

The main culprit behind rising prices is neither Putin nor
"greedy" corporations. Federal Reserve Chairman Jerome Powell and
his colleagues are to blame. Starting in September 2019, when the
Fed panicked over a spike in interest rates in the "repurchasing"
market that banks use to give each other overnight loans, the Fed
has engaged in an unprecedented spree of money creation. The Fed
further stepped up its easy money and low, and even zero,
interest rate policies in response to the lockdowns. Increasing
prices are the direct result of the Fed's policies.

The Fed is planning to try to tame prices by increasing interest
rates and reducing its balance sheet. This will likely tip the
economy into a recession. Increasing interest rates will also
cause the federal government's debt payments to increase, which
is a reason the Fed will not increase rates to anywhere near
where they would be in a free market.

The best-case scenario may be a return to 70s-style
"stagflation." The worst-case scenario is that the Fed's failure
to rein in inflation, fueled by Congress's failure to stop
spending, combined with the continued resentment over the US's
hyper-interventionist foreign policy, will cause a rejection of
the dollar's reserve currency status and lead to a major
financial crisis. Such a crisis could result in widespread
poverty, as well as violence, crackdowns on liberties, and even
the rise of a totalitarian government.

The crisis could still be avoided, but only if Congress becomes
serious about cutting spending, starting with the military
industrial complex. Congress should also start to reform monetary
policy by auditing the Fed, legalizing alternative currencies,
and exempting precious metals and cryptocurrencies from all
capital gains taxes. The welfare-warfare-fiat money system will
end. What is not known is when it will end and whether it will be
replaced by an even more authoritarian government or by a return
to limited, constitutional government.




Sign and Share the Petition to Audit the Fed!
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