With only two weeks until 2025, I would like to suggest some New Year's resolutions.
The Fed needs to decide to stop enabling excessive federal spending by buying bonds and monetizing the federal debt. The Federal Reserve's monetization of federal debt allows the federal government to amass trillions in debt while running a global empire abroad and a welfare state at home.
Americans are feeling the impact of the Fed's debt monetization in the form of a regressive inflation tax.
Ultimately, monetization of the federal debt would cause a major economic crisis caused by, or as a result of, the rejection of the dollar's status as the world's reserve currency.
The Federal Reserve should also resolve to refrain from developing central bank digital currencies (CBDCs). A Federal Reserve-controlled digital currency would give the government new powers to invade Americans' financial privacy.
The media must resolve to stop gaslighting the American public with misinformation. For example, the media should stop repeating the lie that failure to raise the debt ceiling will lead to government default. The truth is that refusing to raise the debt ceiling will force Congress to cut current and future spending, just as most people do when they are in debt.
Another example of misinformation: Russia's invasion of Ukraine had nothing to do with the US' support for the 2014 Ukrainian coup or the US breaking its promise not to support NATO expansion if the Soviet Union withdraws from Eastern Europe. That's what it is.
Finally, those who are committed to the cause of freedom should resolve to deepen their understanding of the benefits of freedom and the dangers of authoritarianism. This means studying the writings of liberal thinkers like Ludwig von Mises and Murray Rothbard and opponents of freedom on both the left and the right. It also means staying up to date with current events and trying to find the truth behind the lies of the mainstream media and political class. Understanding your opponent's arguments will help you win arguments and, more importantly, win converts.
Those who wish to further the cause of freedom should spend time thinking about how their skills and interests can best be used to help that cause. Some people are best suited to run for public office, while others are drawn to teaching or working in public policy “think tanks.” We need more journalists who understand economics and freedom.
We also need freedom-defending individuals who make movies, write books, and play music. I have always believed that music is essential to the success of the libertarian revolution. Those who doubt the importance of culture may wonder how many people came to understand the idea of ​​freedom through the novels of Ayn Rand, and how many came to understand the evils of authoritarianism through the novels of George Orwell. You should think about it.
The freedom movement needs more people who not only fund candidates, but also actively invest in organizations that develop and spread information about ideas of freedom and the dangers of authoritarianism in all its forms. . I hope you will join me in resolving to make 2025 a year of freedom, peace, and prosperity.
Ron Paul is a former U.S. Congressman from Texas. This article originally appeared on the Ron Paul Institute for Peace and Prosperity and is reprinted here with permission.
