The Federal Reserve recently increased interest rates to 1.75 percent. This is the highest interest rates have been since 2008, but it still leaves rates at historic lows. While the Fed says economic growth justifies future rate increases, an honest examination of the economy suggests that future rate increases are unlikely.
The Fed’s claim that the economy is strong is based on misleading government statistics. For example, the official unemployment rate understates true unemployment by not counting those who have given up looking for work. According to John Williams of Shadow Government Statistics, the real unemployment rate is above 20 percent. Government figures also understate the rate of inflation by pretending that you are not negatively impacted by inflation if you can still buy hamburger when you cannot afford steak. Shadow Stats estimates that the real rate of inflation is as much as four times higher than the official rate.
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President Trump’s tariffs will further weaken the economy. While export-driven industries, including manufacturers that rely on imported materials, will be particularly hard-hit, the tariffs combined with the inevitable retaliation from other counties will impact all sectors of the economy. A global trade war could also lead other countries to stop buying US debt instruments, increasing pressure on the Fed to keep rates low.
Since Republicans have held control of the White House and Congress over the last year, federal spending has increased 12.9 percent. Clearly those in Congress serious about reducing government spending are few and far between. The sad fact is that both major parties are happy to increase welfare and warfare spending, although many Republicans pretend to oppose deficits when a Democrat sits in the White House. This puts tremendous pressure on the Fed to keep rates low so as not to increase the federal government’s already high interest payments.
This cannot last forever. Eventually the combination of a spendthrift Congress and a print-happy central bank will cause a major economic crisis. This crisis will herald the end of the welfare-warfare state and the fiat money system that sustains it. The only question is whether the existing system will be replaced by a free market and limited constitutional government or we will complete our descent into totalitarianism.
Fortunately, more Americans are becoming aware of the freedom philosophy and demanding that government roll back the welfare-warfare state and rein in the Fed. Many are also demanding protection of their right to opt out — not just from government programs like Obamacare but also from the Federal Reserve System. For example, Wyoming recently joined Arizona in passing a law recognizing gold and silver as legal tender. Citizens of these states are now able to protect themselves from the coming dollar crisis by using what has historically been considered real money.
At the federal level, the movement to audit the Fed remains strong. As the failures of Keynesianism become more apparent, the movement to audit and end the Fed will grow in size and strength. Hopefully this movement will ensure the end of the welfare-warfare state and the fiat currency system as well as lead to a new era of liberty.
Love me some Ron Paul but unfortunately the Fed will never be eliminated. Not a single politician talks about our real problems and I would venture to say that less than 1% of the population understands what the Fed is… Chip
What would replace it?
The only thing I can see is the Treasury taking over the issuance of our money as it is directed by Congress to do in whatever amount is deemed necessary for our monetary system to provide what is needed (which would be the Constitutional solution).
There is always the FREE MARKET. Allow any and ALL currencies to circulate freely, have ONLY gold and silver as US money (as directed by the Constitution), and allow the market to set interest rates based on HONES banking (not the fraudulent fractional reserve banking the Federal Reserve is in place to support/protect).
Only Congress has the authority to coin that gold and silver as US money, and establish its value.
Think about that.
FWIW, you can pay for anything you want with any currency you want now as long as the seller and buyer agree on it, but only US dollars are actual legal tender for payment of debt (anything else is a trade).
The welfare state supports many of the richest Americans and corporations like GE and Microsoft. Freeloaders are everywhere and the govt is redirecting your money to support worthless programs that incentivize the stupid, lazy and well heeled.
Dear Ron, In opium dreams the Fed will be ended. Though you have many solid ideas, it is a mystery that you would destroy your own credibility with an idea so far out of touch with reality.
When you watch crowds of thousands of students at UC Berkely, UCLA, and other socialist havens chanting “End the Fed, End the Fed, End the Fed” all because of what this ONE MAN has done for everyone’s education about this criminal organization, there is no denying that the possibility is NOT absurd. When you understand the central role the Fed plays in EVERY criminal action by the US government, it is absurd to NOT push the abolition of the Fed as your primary goal for the restoration of freedom.
No need to audit something that everyone here on TBP knows is a total fraud
The point of an audit (that fully details EVERYTHING the Fed has been up to – not just looking at the balance sheets as is already done), would expose to ALL AMERICANS what this criminal organization has been up to, what they have directly done to the purchasing power of the dollar, what financial obligations they have put Americans on the hook for (completely in violation of the Constitution) and so much more. It is the open exposure of facts that we all may know – but that most do not – that will lay the foundation for their eventual dissolution (with the support of the American people).
Most Americans wouldn’t understand that, and most of those that did wouldn’t care about it.
Wage stagnation.
Higher taxation.
Basic necessities inflation.
Rising prices, and smaller portions of food packaging.
Slow, steady loss of buying power of the $USD since 1913.
Affordability struggles continue for the dwindling middle class.
Harder work, less money.
Would like to get off this frickin hampster wheel, but, can’t, unless this trend is halted or reversed.
Politicians say: “More taxes will solve everything!”
…and the band played on…