Patriot,

Great news!

This week, Rep. Thomas Massie (R-KY) once again introduced the
Federal Reserve Transparency Act! As it was in the previous term,
its bill number is H.R. 24.

H.R. 24 already has 29 cosponsors!

First introduced years ago by our Chairman, Ron Paul, the Federal
Reserve Transparency Act, has a greater chance of passage this
year than it has in a long time.

Should the Federal Reserve Transparency Act - or as we simply
call it, "Audit the Fed" - become law, it would finally show the
American people the Federal Reserve System leads to:

>>> Ever-expanding Big Government boondoggles like ObamaCare

Now that politicians have figured out the Fed will just print
money out of thin air to pay the bills if taxing and borrowing
can't make ends meet, the floodgates are wide open for even more
of the statists' utopian plans.

>>> Constant economic crises

The 2008 housing crisis and the resulting chaos is just one
example of an economic bubble created by centrally planned
interest rates and money manipulation. Today, inflation is out of
control, and the stock market is a bubble ready to burst.

>>> The destruction of the middle class

As food, housing, medical care, and education costs soar,
everyone who is NOT on the government dole is forced to make do
with less as the value of their money sinks.

>>> Currency destruction

History shows us riots, violence, and a full-scale police state
can result when people finally realize their money isn't worth
the paper it's printed on and businesses REFUSE to accept it.

For the past four years, the chair of the House Financial
Services Committee, Representative Maxine Waters (D-CA) refused
to schedule a hearing on Audit the Fed.

Now this vital piece of legislation has a real chance of having
hearings and a vote on passage for the first time since it passed
the House in 2014!

We are preparing a full-court press on this landmark legislation
in the coming weeks, and we wanted to share this with you right
away.

You and I can put the pressure on Congress to grow the number of
co-sponsors significantly and force a vote on the House floor.

In the meantime, enjoy a replay of Dr. Paul's April 2022 column
on the Fed's responsibility for the rampant inflation we face.

Once again, Ron Paul is right!

And if you support our ongoing efforts to audit, expose, and
ultimately end the Fed, consider chipping in a contribution today
to make our work possible.
[link removed]

For Liberty,

John McCardell
Executive Director, Campaign for Liberty



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.


Support Campaign for Liberty:
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Join Ron Paul's Patriot Club with a monthly contribution! Your
support sustains our work and members are automatically entered
to receive special giveaways autographed by Ron Paul.
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The mission of Campaign for Liberty is to 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.

© Campaign for Liberty, 2012. Paid for by Campaign for Liberty
and not authorized by any candidate or candidate's committee.

Because of Campaign For Liberty's tax-exempt status under IRC
Sec. 501(C)(4) and its state and federal legislative activities,
contributions are not tax deductible as charitable contributions
(IRC § 170) or as business deductions (IRC §
162(e)(1)).

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