Tag: End The Fed

Trump’s Fed Picks? More of the Same!

Guest Post by Ron Paul
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This week President Trump revealed his final five candidates for Federal Reserve chair. Disappointingly, but not surprisingly, all five have strong ties to the financial and political establishment. The leading candidates are former Federal Reserve governor and Morgan Stanley banker Kevin Warsh and current Fed governor, former investment banker, Carlyle Group partner, and George H.W. Bush administration official Jerome Powell. Gary Cohn, current director of the president’s National Economic Council and former president of Goldman Sachs, is also on Trump’s list.

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To Really ‘Make America Great Again,’ End the Fed!

Guest Post by Ron Paul
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Former Dallas Federal Reserve Bank President Richard Fisher recently gave a speech identifying the Federal Reserve’s easy money/low interest rate policies as a source of the public anger that propelled Donald Trump into the White House. Mr. Fisher is certainly correct that the Fed’s policies have “skewered” the middle class. However, the problem is not specific Fed policies, but the very system of fiat currency managed by a secretive central bank.

Federal Reserve-generated increases in money supply cause economic inequality. This is because, when the Fed acts to increase the money supply, well-to-do investors and other crony capitalists are the first recipients of the new money. These economic elites enjoy an increase in purchasing power before the Fed’s inflationary policies lead to mass price increases. This gives them a boost in their standard of living.

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The Path to Fed-Exit

Guest Post by Ron Paul
undefinedI recently proposed that the liberty movement capitalize on Brexit with “Fed-exit”: a campaign to “secede” from the Federal Reserve. Fed-exit could be accomplished with a few simple policy changes.

Passing Audit the Fed is a good first step toward Fed-exit. Contrary to the Federal Reserve’s propaganda, auditing the Fed will not reduce the Federal Reserve’s mythical “independence.” It will simply allow Congress and the people to learn the full truth about the Fed’s conduct of monetary policy.

However, the desperation with which the Fed fights the audit bill suggests it believes increased transparency will boost support for Fed-exit. Considering what we discovered from the limited audit of the Fed’s activities during the 2008 financial crisis, the Fed’s fears may be justified. That audit revealed that between 2007 and 2008 the Federal Reserve loaned over $16 trillion — more than four times the annual budget of the United States — to foreign central banks and politically-influential private companies! Imagine what would be revealed by a full audit that includes looking at the Fed’s recent explosion of money creation via “quantitative easing.”

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Don’t Be Fooled by the Federal Reserve’s Anti-Audit Propaganda

Guest Post by Ron Paul
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In recent weeks, the Federal Reserve and its apologists in Congress and the media have launched numerous attacks on the Audit the Fed legislation. These attacks amount to nothing more than distortions about the effects and intent of the audit bill.

Fed apologists continue to claim that the Audit the Fed bill will somehow limit the Federal Reserve’s independence. Yet neither Federal Reserve Chair Janet Yellen nor any other opponent of the audit bill has ever been able to identify any provision of the bill giving Congress power to dictate monetary policy. The only way this argument makes sense is if the simple act of increasing transparency somehow infringes on the Fed’s independence.

This argument is also flawed since the Federal Reserve has never been independent from political pressure. As economists Daniel Smith and Peter Boettke put it in their paper “An Episodic History of Modern Fed Independence,” the Federal Reserve “regularly accommodates debt, succumbs to political pressures, and follows bureaucratic tendencies, compromising the Fed’s operational independence.”

The most infamous example of a Federal Reserve chair bowing to political pressure is the way Federal Reserve Chairman Arthur Burns tailored monetary policy to accommodate President Richard Nixon’s demands for low interest rates. Nixon and Burns were even recorded mocking the idea of Federal Reserve independence.

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RON PAUL RALLY IN PHILLY

The Quinn clan will be headed down to Independence Hall on Sunday to see the only candidate worthy of speaking on this hallowed ground. We’ll be going early because there is an End the Fed march at 11:00 am. The Phila Federal Reserve is a block from Independence Hall. The crowd will march to the Fed and as a group symbolically turn our backs on the building. The Pennsylvania primary is on Tuesday. Avalon has volunteered to hand out lists of Ron Paul delegates to voters as they approach the polls. If you’re from the Philly area, come to the rally on Sunday.

Ron Paul to Hold Campaign Rally on Independence Mall in Philadelphia

 

Congressman and top-tier presidential candidate to share platform of constitutionally-limited government at birthplace of our modern Republic

LAKE JACKSON, Texas – 2012 Republican Presidential candidate Ron Paul will hold a major campaign rally on Independence Mall in Philadelphia, sharing his platform of constitutionally-limited government at the birthplace of the modern Republic.

The event, which is free and open to the public, will be held on Sunday, April 22nd beginning at 1:00 p.m. and Dr. Paul is scheduled to speak at 2:30 p.m.  At the event, the 12-term Congressman from Texas will discuss his path-breaking ‘Plan to Restore America’ and his agenda as President.  Former CIA officer and Bin Laden Unit leader Michael Scheuer, who last December endorsed Ron Paul for the presidency, also will address the crowd.

“Ron Paul’s rally on Independence Mall promises to be an exciting opportunity to hear him discuss his vision for constitutionally-limited government, including the urgent need to restore our economic and civil liberties.  The location is highly symbolic, as Philadelphia is the city where our founders conceptualized and established a modest federal government of the kind Dr. Paul has consistently promoted for more than 30 years,” said Ron Paul 2012 National Campaign Chairman Jesse Benton.

Ron Paul’s Philadelphia rally will be followed by an open press avail.  Members of the local and major print, broadcast, and online media with particular needs such as the desire to arrange a candidate interview should contact Assistant Press Secretary Arick Stall by emailing him at [email protected].  Please, no exceptions.

Later that night, also in the city often termed the Cradle of Liberty, Ron Paul will host a private fundraising dinner that is closed to all media.

Event details are as follows.  Time is Eastern.

Sunday, April 22, 2012

2:30 p.m.*
Ron Paul Major Campaign Rally
Lawn at the Independence Mall Visitors Center
1 N Independence Mall West (b/t Market and Arch Streets)
Philadelphia, PA 19106