On Friday, March 27, the U.S. House of Representatives voted in favor of the huge $2.2 TRILLION coronavirus bailout bill, and President Trump immediately signed it.
And with the calamity of the stock market over the past few weeks and all the media hype over coronavirus, many Americans are falling into panic mode.
There has been more and more talk about “herd mentality” lately, but what it’s resulted in is everyone believing the media and the fake news . . . it’s led to runs on the grocery stores and, worse, it’s led to a panic in the financial markets and in our everyday lives where people are afraid to go for a walk for fear of contracting the virus or even being arrested for not self-quarantining.
At this point, there is no easy recovery and no easy return to normalcy. The only thing that’s normal about this whole thing is Congress’ willingness to spend money and for the Federal Reserve to print money like never before.
Today the Fed’s balance sheet stands at $5.5 TRILLION . . . and what most Americans don’t understand is that the Fed may be able to “create” dollars, but they can’t create wealth. And in fact, they are destroying America’s wealth with their reckless behavior.
The Fed doesn’t want to accept responsibility for the bubbles and the volatility of the markets . . . conveniently for them, the coronavirus came along, and the blame was shifted entirely.
What is coming as we continue down this dangerous path: inflation, wage and price controls, shortages, massive unemployment. Plain and simple, the Fed is destroying the dollar, and our economy will suffer because the Fed’s solution is simply to print more and more money.
That is the WRONG solution!!
Every bailout, every crisis, every “rescue” is being painted as the government helping the American people out.
Wrong! It’s just digging a bigger hole, and it’s one that we won’t be able to get out of unless the mindset of Americans is changed.
Unfortunately, many people are rolling over and letting our civil liberties be trampled. Government authoritarianism is winning. You know and I know this: the government can’t “correct” and dictate how to solve every problem in the world, but we’re letting it happen.
Big-spending Republicans went along with Nancy Pelosi and her open checkbook mentality . . . telling the American people that this latest bailout would put money in their pockets and revive the economy.
My friend, Rep. Thomas Massie (R-KY) was given some grief when he asked for a roll call vote on the $2.2 trillion bailout in the House on Friday. His concerns are that this reckless spending isn’t addressing the real problem:
“It shouldn’t be stuffed full of Nancy Pelosi’s pork - including $25 million for the Kennedy Center, grants for the National Endowment for the Humanities and Arts, and millions more for other measures that have no direct relation to the Coronavirus Pandemic. That $25 million, for example, should go directly to purchasing test kits.”
Thomas went on to hit the bullet on the head:
“This bill creates even more secrecy around a Federal Reserve that still refuses to be audited. It allows the Federal Reserve to make decisions about who gets what, how much money we’ll print. With no transparency. If getting us into $6 trillion more debt doesn’t matter, then why are we not getting $350 trillion more in debt so that we can give a check of $1 million to every person in the country?“This stimulus should go straight to the people rather than being funneled through banks and corporations like this bill is doing. 2 trillion divided by 150 million workers is about $13,333.00 per person. That’s much more than the $1,200 per person check authorized by this bill.”
So I say we need to change America’s mindset and keep promoting sound money and free markets. And let’s start by Auditing the Federal Reserve!
Speaker Pelosi promised more bailout bills are coming. Can you imagine the pork the big government folks are going to shove into these bills . . . and the debt they will rack up. All on the backs of the American taxpayer.
In the end, the government needs to be promoting our liberties and stop trying to expand the power of the politicians and the bureaucrats.
P.S. Campaign for Liberty's number one issue has always been to pull back the shroud of secrecy behind the Federal Reserve. Please click here to make a donation to help us pass Audit the Fed.