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    America’s Most Dangerous Unknown Man

    Ron Paul
    January 27th, 2022
    The Mises Institute
    Comments (6)

    This article was originally published by Ron Paul at The Mises Institute.

    The US Senate will soon vote on Federal Reserve Chairman Jerome Powell’s nomination to a second term. One of the senators opposing Powell is Elizabeth Warren. I don’t often agree with Senator Warren, but I do agree with her assessment that Powell is “dangerous.” However, Warren actually doesn’t understand what makes Powell, or any Fed chairman, intrinsically dangerous to liberty and prosperity.

    Warren thinks Powell is dangerous because she thinks he will not be supportive enough of imposing her desired new regulations on banks and other financial institutions. Senator Warren, like most progressives, clings to a fantastical notion that regulations benefit workers, consumers, and small businesses. The truth is most regulations benefit large corporations by imposing costs that big businesses can easily absorb, but that their smaller competitors cannot.

    Powell is a threat to the American people. Under his tenure, the Fed has kept interest rates at or near zero. The Fed’s balance sheet has grown to over eight trillion dollars. This has caused prices to climb at a rate America has not seen in several decades.

    At his nomination hearing before the Senate Banking Committee, Powell reiterated the Fed’s intention to fight inflation by reducing its monthly 120-billion-dollar purchase of Treasury and mortgage-backed securities. Powell also stated that the Fed is planning to increase interest rates this year. However, even if the Fed follows through on this, interest rates will remain at historically low levels.

    Powell, like Elizabeth Warren and other progressives, dangerously believes that the Fed should go “woke.” However, Powell is still not “woke” enough for progressives who lobbied President Joe Biden to replace Powell with Fed board member Lael Brainard, the biggest supporter of Elizabeth Warren–style regulations on the Fed board. Brainard is more committed than Powell to using monetary and regulatory policies to advance the “woke” agenda. President Biden did end up nominating Brainard to become vice chairman at the Fed.

    A Powell-Brainard Fed would likely use “social and climate justice” as a justification for expanding the Fed’s easy money policies. President Biden has recently nominated Sarah Bloom Raskin to the Fed board, who also has advocated for the Fed to use its power to fight climate change.

    A central bank committed to the social justice and climate change agendas will inevitably increase the Fed’s “inflation tax.” Contrary to the claims of some progressives, lower-income Americans are primary victims of this hidden and regressive tax.

    Powell prefers to push his rather zealous and extremist philosophies behind the scenes. Thus, not surprisingly, he is a leading opponent of Audit the Fed. Powell claims that bringing transparency to the Fed’s conduct of monetary policy would somehow jeopardize the Fed’s independence. Powell’s claim is truly fake news. There is nothing in the Audit the Fed bill giving Congress or the executive branch any new power over monetary policy.

    Any group of individuals given the power to manipulate the money supply, and manipulate the interest rates that are the price of money, poses a threat to our liberty and prosperity. The solution is not to replace Powell with a “better” Fed chairman or to force the Fed to follow a “rule” that still allows it to erode the dollar’s value. The only way to protect the people from dangerous individuals like Jerome Powell, Lael Brainard, and the rest of the Fed board is to audit and then end the Fed.

    INFLATION IS RUNNING AT 40-YEAR HIGHS!

    NEGATIVE INTEREST RATES ARE TAXING SAVERS, CREATING FOOD SHORTAGES AND MAKING LIFE MISERABLE IN THE UNITED STATES!

    There's Little Time Left Before the REAL DISASTER occurs!

    Download the Ultimate Reset Guide Now!

      Author: Ron Paul
      Views:
      Date: January 27th, 2022
      Website: https://mises.org/

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      6 Comments...

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      1. TharSheBlows says:

        1/27/2022 News…
        Headline: Wisconsin Assembly Unanimously Votes To Withdraw Biden’s 2020 Electoral Votes
        Link: ht tps://nationalfile.com/wisconsin-assembly-unanimously-votes-withdraw-bidens-2020-electoral-votes/

        Good News. Lets Keep the truth coming, and shut this horror show down. Just need a few more states to follow suit, to over-turn this Election theft scandal.

        From the article: WISCONSIN>
        Biden currently sits at 306 electoral votes from the 2020 election. Should Wisconsin withdraw these electoral votes, it would bring his total down to 296.

        A candidate needs 270 electoral votes to win an election.

        The U.S. Constitution exclusively gives individual state legislatures the power to conduct elections and assign electoral votes.

        • Anonymous says:

          I doubt it will pass their senate or be signed into law by the Governor.

          It would have no effect on the Presidency even if it did, there is no constitutional way to change an electoral college vote once it has been made.

          I imagine what you’re seeing is just a political ploy to be used to oppose the voting rights stuff the Democrats are pushing, and I really don’t think it’s the best approach to doing that.

          Time will tell.

          • Mr. Darwin says:

            Wow, someone else with a brain on this site. Thought I was the only one…

          • cranerigger says:

            Critical thinkers know that the “voting rights” phrase is a LIE used by Demonrats to tell citizens that requiring a picture ID to vote is wrong. This laughable claim is repeated to voters with a straight face. Any application of logic & knowledge of history reveals the LIE.

      2. He is says:

        I always thought Biden was
        the most dangerous unknown man in America –
        dangerous to all of us that is.

      3. Spider25 says:

        I vote for succession by popular vote lol, the central printer isn’t going to stop going BBBRRRRRRR to infinity. They are stuck between a rock and hard place. Get some Physical PMs while there dirt cheap. Silver is the most undervalued asset in the world!