By Ron Paul
Bloomberg News recently solicited advice from Argentinians who lived through that country’s high inflation on how Americans should cope with rising inflation. The Argentinians suggested Americans spend their paychecks as fast as possible to avoid future price increases. They also suggested taking out loans that can be paid back later in devalued currency. These strategies may make sense for individuals. However, encouraging debt and discouraging savings is disastrous for the country. Relying on debt and spending one’s paycheck immediately encourages people to seek instant gratification instead of planning for the future. This depletes both economic and moral capital. November’s 9.6 percent increase in the producer price index, combined with the consumer price index’s increase to levels not seen since the early 1980s, shows why fears of inflation have become the public’s number one concern. Even the Federal Reserve has acknowledged that inflation is not just “transitory.” The Fed recently announced it is accelerating the timetable to reduce its monthly purchases of Treasury and mortgage-backed securities. The Fed also announced it is planning three interest rate increases next year. However, the Fed plans to increase rates by no more than one percent. So even if the Fed does follow through on its promise to hike rates, it will do little if anything to combat rising prices. If the Fed allowed interest rates to rise to anything approaching market levels, it would make the federal government’s debt servicing costs unsustainable. This puts tremendous pressure on the Fed to maintain low rates. The biggest victims of the Federal Reserve’s erosion of the dollar are lower- and middle-class Americans whose paychecks do not keep pace with the Fed-caused price increases. Yet many progressives still cling to the fallacy that average workers somehow benefit from continued dollar devaluation. Progressives are even pushing the Fed to increase its money printing and regulatory activities to fight climate change and racism. Federal Reserve Chairman Jerome Powell has embraced this “woke” monetary policy. President Biden’s reappointment of Powell and nomination of current Fed board member Lael Brainard (who is seen as more committed to a woke Fed than Powell) for vice chairman suggests the Fed will double down on this toxic mixture of cultural Marxism and so-called modern monetary theory. Recent polls show Americans expect continued large price increases. This indicates we may be on the verge of what Ludwig von Mises called a “crack-up boom.” A crack-up boom occurs when the general population realizes that constant currency depreciation is a feature, not a bug, of central banking. This leads people to seek alternatives to government-issued currency and to factor rising prices into their plans. The crack-up boom will likely extend overseas as more countries reject the dollar’s world reserve currency status. This rejection will be driven by a combination of concern over America’s growing debt and resentment of America’s hyper-interventionist foreign policy. Crack-up booms have historically facilitated the growth of authoritarian political movements. However, this is not inevitable. If those of us who know the truth spread the ideas of liberty to enough people, we may be able to move through the crack-up boom to a rebirth of liberty, peace, and prosperity. Steps in this direction include convincing Congress to cut spending, legalize competing currencies, and end the Fed.
To all who join us each day on the Ron Paul Liberty Report, we wish you a very Happy New Year!
Fauci is again in front of the camera, hectoring people to stay home on New Year's - and whatever they do, DON'T hug each other to greet the New Year. What's wrong with this guy? Also today - is Biden purposely withholding a proven Covid treatment? Florida's Surgeon General says so. And...is a massive purge of Marines who have religious objections to the vaccine a way to "honor the troops"? Every single request has been denied. Fraud?
Thanks to a FOIA request we now know that Biden's covid czar Anthony Fauci will, when he retires, enjoy the highest pension in US history! He will be pulling in more than $350K for his 50+ years of "public service." But according to Fauci he has no plans of leaving: in a recent interview he said that him retiring now, before covid is defeated, would be like the US leaving in the middle of World War II. How's that for megalomania? Also today: lockdowns were the worst policy failure in history and even a government-funded study proves it.
President Biden told US governors this week that there is no federal solution to the ongoing covid "crisis." "It's up to all of you," he essentially told them. While it's good news for people living in mostly free states like Florida and Texas, governors in New York and other authoritarian states and localities may use this as permission to crack down harder. But one thing is clear: with no more federal in the war on covid, there should be no more federal mandates in the war on covid. Done! Also today: Fauci suggests, then retreats from, a position that a vaccine pass should be required for domestic travel. Is Fauci's "sell-by" date expired?
'Thousands Died Because Fauci Ignored Natural Immunity' - With Special Guest Sen. Rand Paul12/27/2021
Exclusive! Senator Rand Paul joins the Liberty Report to discuss the massive errors - driven by arrogance - committed by White House coronavirus advisor Anthony Fauci. Dr. Fauci's insistence on ignoring natural immunity and his refusal to consider therapeutics have cost thousands and thousands of lives! And here's a bombshell you'll only here in today's Liberty Report: Sen. Paul's shocking explanation of why the coming mid-term elections will be Fauci's worst nightmare!
Today's Liberty Report is something completely different! Senator Rand Paul's wife Kelley joins Carol Paul to share Paul family Christmas memories. You will not want to miss this wonderful program!
Although the omicron variant is rapidly vanishing in its South African country of origin, US tyrants like Chicago Mayor Lori Lightfoot and Fauci are still trying to ramp up the fear to put Americans against Americans. Lightfoot's threats against a class of people have no place in a civilized country. Also today: New York officials redefine "vaxxed" and Alex Berenson sues Twitter.
According to Swiss newspaper Blick, the large Austrian city of Linz is hiring people - at a hefty salary - to hunt down their fellow citizens who have not come forward to take the government-mandated covid shot. They are promised plenty of overtime. Meanwhile, a new study out of South Africa - the home of omicron - shows that those who get the variant are 80 percent less likely to end up in hospital. So...why is Europe becoming a totalitarian hellhole over it? Also today, Bill Gates tries to re-write history.
Headlines are screaming about the rapid increase in the omicron variant. It's taking over! We are told it is much more easily spread than previous strains of the virus...but what role is testing playing in driving up the numbers? Also today - the US military is screening out extremists - but who are the real extremists? Finally: omicron outbreak in the triple-vaxxed White House? Is it possible?
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