Ron Paul Liberty Report
  • Home
  • Archives
  • About

Hamas’s Victory

10/16/2023

 
Picture
By Ron Paul

Those who called Hamas’s attack on Israel “Israel’s 9/11” were more accurate than they realized. Just as the US reacted to 9/11 by fulfilling Osama bin Laden’s wish that the US would get bogged down in no-win wars, Israel’s reaction to the Hamas attack fulfills Hamas’s likely goal of radicalizing more Palestinians. The result of Hamas’s attack will be to strengthen the most extreme elements on both sides of the conflict.

Given the strong support for Israel among both major political parties it is not surprising that, following the attacks, many politicians rushed to microphones to proclaim their support for US assistance for Israel. President Biden announced the US would send military aid to Israel, while Congress is drafting legislation providing about two billion dollars in “emergency” military assistance to Israel. Even most of the growing number of representatives who oppose military aid to Ukraine will support spending “whatever it takes” to defend Israel. This is why the Biden administration and some in Congress want to combine aid for Israel and Ukraine into one legislative package.

Spending billions more to support military action in the Middle East and Ukraine will benefit the military-industrial complex. However, it will harm most Americans by accelerating the growth of the government’s over 33 trillion dollars debt. As the debt increases, the Federal Reserve will push interest rates lower and monetize the debt. This will lead to increased price inflation, combined with economic stagnation and high unemployment — in other words, stagflation.

Concerns over the government’s debt and the Federal Reserve’s enabling of that debt with easy money and low interest rates will lead to more challenges to the dollar’s world reserve currency status. Increased resentment over US hyper-interventionist foreign policy will also lead to changes to the dollar’s reserve currency status. Saudi Arabia could even stop using dollars for its international oil trade. The end of the petrodollar would be the final nail in the coffin of the dollar’s world reserve currency status.

The end of the dollar’s world reserve currency status would mean the US government could no longer run an empire abroad and an authoritarian welfare state at home. The question is not will the American empire end but when and how. It should end deliberately, with Congress starting the process of restoring limited constitutional government by ending all foreign aid and bringing our troops home.

When Israel was criticized for bombing an Iraqi nuclear plant it feared would be used to produce weapons, I defended Israel’s right as a sovereign state to act in what it saw as its national security interest. I still hold that view. I believe Israel would benefit if the US ends all foreign aid, since much of it goes to Israel’s enemies. Foreign aid also gives the US an excuse to engage in other forms of meddling. Ending US interventionist foreign policy would allow the Israelis and Palestinians to find a way to a just and lasting peace.


Comments are closed.

    RSS Feed

    Archives

    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015



  • Home
  • Archives
  • About