The Revolution Continues: The Ranks Of Anti-Fed Republicans Grow
Legacy of Ron Paul
This year marks the 12-year anniversary of Ron Paul’s retirement from Congress. His influence, however, continues to be felt in the political landscape. War skepticism, particularly regarding American involvement in Europe, has increased. The idea of abolishing the Department of Education has become a key part of Donald Trump’s education agenda. Both presidential campaigns have adopted the proposal of eliminating taxes on tips.
Growing Support for Ending the Federal Reserve
Less obvious but equally significant is the growing political support for one of Dr. Paul’s most important priorities: ending the Federal Reserve. This can be seen most clearly with the bill itself. In 2012, during Dr. Paul’s last term in Congress, his End the Fed bill didn’t have a single co-sponsor. In 2024, the bill, introduced by Thomas Massie, has 23 co-sponsors, including representatives: Biggs, Boebert, Brecheen, Burchett, Burlison, Cammack, Cloud, Crane, Duncan, Gaetz, Good, Gosar, Greene, Hageman, Norman, Perry, Roy, Self, Spartz, Tiffany, Rosendale, Mills, and Reschenthaler.
First Senator to Introduce the Bill
This past year, another new precedent was set with Mike Lee being the first senator to introduce the bill in the upper chamber. Members of Congress have also actively used their platforms to promote the idea into the political discourse.
Political Potency of Federal Reserve Skepticism
The political potency of Federal Reserve skepticism extends beyond simply legislation calling for the elimination of America’s central bank. One of the major stories of Trump’s 2024 campaign has been the rise of a new donor class supporting his efforts, with the crypto industry being among them.
Trump's Sales Pitch for Crypto
In July, Trump addressed the 2024 Bitcoin Conference to wide applause. He mixed his typical rally speech talking points with a list of offerings to the audience he was addressing, which included firing SEC Chairman Gary Gensler, energy policy to support bitcoin mining, and the proposal of a “bitcoin sovereign wealth fund,” which has been proposed by Wyoming Senator Cynthia Lummis, the industry’s leading advocate in Washington.
Regulatory Environment under the Biden-Harris Administration
The regulatory environment under the Biden-Harris Administration, pushed from the Senate by Elizabeth Warren, became explicitly hostile to the industry. Various White House agencies have created reports about various “risks” crypto-assets pose, justifying broad moves to cut off access to the banking system. Biden has also proposed excise taxes for crypto assets and mining.
Control of Money Means Control Over the People
The state understands that the control of money means control over the people. Should the crypto industry’s political investments pay off in meaningful policies, it would be a win for liberty generally, regardless of one’s own views on bitcoin or specific crypto projects.
Free Competition in Currency Act
While “End the Fed” was the favorite chant of his presidential campaigns, his legislative agenda included another radical proposal: the competition of currency. Inspired by Hayek, his Free Competition in Currency Act was a simple bill with radical consequences: repealing legal tender laws and federal taxation on gold and silver. By reviving that bill, and expanding it to bitcoin and other crypto assets, one could empower Americans to confidently save in non-political assets free of capital gains taxes.
Opportunity from Inflation, Financialization, and Fiscal Irresponsibility
The political theatre of the 2024 election has been extremely thin in serious policy discussions for the fundamental issues Americans are dealing with. The reality, however, is that the damages of inflation, financialization, and decades of fiscal irresponsibility are more obvious to average Americans than ever before. From that comes opportunity.
Playing with Fire: Money, Banking, and the Federal Reserve
The cause of our time is to grow awareness of the fact that the Federal Reserve is the arsonist, not the firefighters, when it comes to our economic crises. Hopefully, our new documentary, Playing with Fire: Money, Banking, and the Federal Reserve will assist in that mission. The solution is the ability for Americans to opt out of their rigged game.
Bottom Line
The legacy of Ron Paul continues to shape the political landscape, with a growing number of Republicans supporting the idea of ending the Federal Reserve. The political potency of this idea has been demonstrated in the increasing support for the End the Fed bill, and the rise of a new donor class in the crypto industry. However, the regulatory environment remains hostile, and it's clear that control of money equates to control over the people. The opportunity now lies in leveraging the current moment for meaningful victories against the state. What do you think about this article? Share it with your friends and sign up for the Daily Briefing, which is everyday at 6pm.
