Dr. Ron Paul
Dr. Ron Paul is a 12-term member of Congress and three-time presidential candidate. While in Washington, D.C., he was one of the few voices advocating for limited government, individual liberty, and sound fiscal principles. He is the author of the No. 1 New York Times bestselling books The Revolution: A Manifesto and End the Fed . And today, he is the spokesperson for financial publisher Stansberry Research. This article originally appeared at the Ron Paul Institute for Peace and Prosperity. Copyright © 2020 by Ron Paul Institute. and central banking are the cause of their problems and that free markets in all areas – and especially in money – is the solution. It is important that the liberty movement put pressure on Congress to cut spending and rein in or, better yet, end the Fed. Since the bailouts of 2008, there has been a growing understanding that the current system is rigged in favor of the elites and against the average American. Unfortunately, popular confusion of our system of Keynesian neoliberalism with a free-market economy, combined with a widespread entitlement mentality, has led many Americans to support increasing government control of our economy. The key to beating back the rising support for socialism on both the left and right is helping more people understand that big government
can charge. Federal Reserve manipulation of interest rates is an attempt to set the price of money. Federal Reserve attempts to set interest rates distort the signals sent by the rates to investors and business. This results in a Fed-created boom, which is inevitably followed by a Fed-created bust. Economic elites benefit when the Federal Reserve pumps new money into the economy because they have access to the money created before there are widespread price increases. Artificially low interest rates also facilitate the growth of the welfare-warfare state. The Federal Reserve’s inflationary policies harm the average American by eroding the dollar’s purchasing power. This forces consumers to rely on credit cards and other forms of debt to maintain their standard of living. Many Americans are unable to afford their own homes because they are saddled with student loan debt that can even exceed their income.
American Consequences
23
Made with FlippingBook - Online Brochure Maker