Patriot,

As I explain in my latest column (read it below), the Federal
Reserve is now intentionally causing unemployment as a strategy
to keep down price inflation.

This contradicts the Fed's "dual mandate" of producing stable
prices and full employment, but it's unsurprising: Not only can
the Fed not accomplish either, it actually must sacrifice one
objective to prop up the appearance of progress on another.

As I say in the column's conclusion, a stable currency, safe from
manipulation by politicians or central bankers, would provide the
basis for long term prosperity that benefits everyone, not just
the crony capitalists and the power-hungry politicians.

The first steps in this transition are to finally pass Audit the
Fed legislation and continue the efforts to pass state laws
recognizing precious metals as legal tender.

Campaign for Liberty continues to be the primary organization in
America fighting to Audit the Fed and one day end it completely.

And due to our efforts, we have recently passed and helped pass
sound money bills in states across the country, including
Wyoming, Arizona, Tennessee, and Kansas, with more to come.

You can read my latest column below, and if you support our work
to expose and end the money scam, please chip in with a
contribution now or join our Patriot Club as a sustaining
supporter.
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For Liberty,

Ron Paul


The Federal Reserve Wants You Fired

The Federal Reserve was no doubt troubled by July's decline in
the U.S. unemployment rate to 4.5 percent and increase in job
openings to 11.2 million. This is because the Fed's strategy for
reducing the historic price inflation now plaguing the economy -
caused by the Fed's unprecedented low or zero interest rate
policies - is to increase unemployment in order to decrease
consumer spending. In his speech to the annual monetary policy
conference in Jackson Hole, Wyoming, Fed Chair Jerome Powell
reiterated his commitment to increasing unemployment, or, as he
puts it, "softening the labor markets."

Powell is correct that reducing price inflation is urgent. He is
also correct that doing so will increase unemployment and slow
economic growth. The Fed's efforts to bring down inflation by
increasing interest rates will also make it harder for average
Americans to obtain home mortgages, purchase a car, or even pay
their utility bills. Those hardest hit by the Fed's "softening of
labor markets" are also the primary victims of the Fed-created
price inflation. This demonstrates the insanity and cruelty of
the fiat money system, which enriches the elites while
improvising the masses.

Well-connected members of the financial elite and crony
capitalists benefit from the Federal Reserve's money creation, as
they are the first recipients of the new money. This enables them
to increase their purchasing power before the new money has
caused general price inflation. By the time the money creation
has impacted the middle and working classes, the economy is
racked with widespread price inflation. Therefore, a nominal gain
in wages is not enough to compensate for the real price increase.
So average Americans suffer from both Fed-created inflation and
the Fed's attempts to rein in that inflation.

It is amazing that more individuals do not question the idea that
inflation, recessions, unemployment, and booms and busts are
necessary features of a sound monetary system. Even many
otherwise staunch defenders of free markets maintain a child-like
faith in central banking. Some conservatives support "reforming"
the Fed by making it follow a "rules-based" monetary policy.
These conservatives do not understand that the problem is the
existence of a central bank with the power to manipulate the
currency.

Many progressives recognize the damage the Fed does to average
Americans when it increases interest rates. However, their
"solution" is a cure worse than the disease: make the Fed
maintain low interest rates (and thus high inflation) in
perpetuity-or until the continued devaluation of the currency via
inflation causes a dollar crisis, leading to a major economic
calamity. The main victims of this crisis will, of course, be the
very Americans progressives claim to care about.

The Federal Reserve's failure to fulfill its dual mandate of
producing stable prices and full employment, combined with the
damage it inflicts on the American people, make the best case for
changing our monetary policy. A stable currency, safe from
manipulation by politicians or central bankers, would provide the
basis for long term prosperity that benefits everyone, not just
the crony capitalists and the power-hungry politicians. The first
steps in this transition are to finally pass audit the Fed
legislation and continue the efforts to pass state laws
recognizing precious metals as legal tender.




Sign and Share the Petition to Audit the Fed!
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