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Last week, the Federal Reserve announced it will maintain an interest rate target of zero to 0.25 percent for the rest of 2021. The Fed said it will also continue its monthly purchase of 120 billion dollars of Treasury and mortgage-backed securities.

Some Fed board members are forecasting a rate increase by late 2022 or 2023, though with the rate still not reaching one percent. The Fed will neither allow interest rates to rise to market levels nor reduce its purchase of Treasury securities. A significant increase in interest rates would make the government’s borrowing costs unsustainable.

The Fed also raised its projected rate of inflation to three percent, although it still insists the rise in prices is a transitory effect of the end of the lockdowns. There is some truth to this, as it will take some time for businesses to get back to full capacity. However, the Fed began taking extraordinary measures to prop up the economy in September of 2019, when it started pumping billions of dollars a day into the repo market that banks use to make short-term loans to each other. The lockdowns only postponed and deepened the forthcoming Fed-caused meltdown.

Germany’s Deutsche Bank recently released a paper warning about the Federal Reserve continuing to disregard the inflation risk caused by easy money policies designed to “stimulate” the economy and facilitate massive government spending. Germans have reason to be sensitive to the consequences of inflation, including hyperinflation. Out-of-control inflation played a major role in the collapse of the German economy in the 1920s, which led to the rise of the National Socialists.

This pattern could repeat itself in America where we have already witnessed the rise of authoritarian movements. Last summer, groups exploited legitimate concerns about police misconduct to ferment violence across the country. Can anyone doubt that an economic crisis that leads to mass unemployment, foreclosures, and maybe even shortages will result in large-scale violence? Or that the violence will be exploited by power-hungry politicians? Or that many people will once again fall for the big lie that preserving safety requires giving up their liberty?

The apparatus of repression already exists in the form of a surveillance state, police militarization, and big tech’s cooperation with big government to stamp out dissent. Now, President Biden and his congressional allies want to use the January 6 US Capitol turmoil to justify expanding government powers in the name of stopping “domestic terrorists.” Part of this new campaign is expanding censorship of “extremism,” defined as any views that threaten the status quo. The Biden administration has taken a page from the Communist playbook in suggesting people report their friends and family who are becoming “radicalized.”

We may still have time to prevent collapse in America, or at least to make sure the collapse leads to a transition to a free society. The key to success is spreading the ideas of liberty until we have the ability to force the politicians to dismantle the welfare-warfare state and the fiat money system that is the lifeblood of authoritarian government.

 
• Category: Economics • Tags: Civil Liberties, Federal Reserve, Inflation 

April 19 was the 28th anniversary of one of the most shameful episodes in modern American history: the massacre of 76 innocent men, women, and children by agents of the Bureau of Alcohol, Tobacco, and Firearms (ATF) in a military-style assault on the Branch Davidian compound in Waco, Texas.

The assault followed a botched raid on the Davidian compound (staged at a time that it would distract attention from an ATF sexual harassment scandal) and a two-month standoff between the Davidians and the agency. The ATF used CS tear gas against the Dravidians, even though the gas was banned by an international treaty the US agreed to just months before the assault. So, if the assault had occurred on foreign soil as part of a military operation, it would have been a war crime.

Waco illustrates the dangers to our lives and liberties posed by a hyper-interventionist foreign policy. Eventually the deadly tools of the military-industrial complex will be brought home and used against US citizens.

In the 28 years since Waco, the military-industrial complex’s role in domestic law enforcement has grown. This is largely thanks to the Section 1033 program that provides military-grade equipment to local law enforcement. The people will not be safe from militarized law enforcement until Section 1033 is repealed and the military-industrial complex is dismantled.

The initial raid on the Branch Davidian compound was justified by claims the Davidians were violating unconstitutional gun laws. Infringements on the Second Amendment empower the federal police state. This is one reason why all those who value liberty must oppose all gun control laws, such as those currently being advocated by President Joe Biden and his congressional allies.

Last week, the ATF helped further Biden’s anti-Second Amendment agenda by issuing a proposed regulation regarding pistols fitted with stabilizers, thus allowing the agency to harass more gun owners.

Also last week, the Department of Justice unveiled model red flag legislation to encourage more states to adopt these laws. Red flag laws allow law enforcement to seize an individual’s firearms based on an allegation the individual may turn violent. Not surprisingly, allowing police to show up at a person’s home and demand he surrender his firearms can lead to violence. Expanding red flag laws will violate Americans’ Second Amendment rights, disregard due process, and lead to police being in more violent encounters.

David Chipman, President Biden’s nominee to head the ATF, is a former ATF agent turned gun control lobbyist. Mr. Chipman is an outspoken defender of the ATF’s actions at Waco. In addition to supporting red flag laws, he wants the ATF to arrest Americans who cannot buy a firearm because they failed a federal background check. The background check produces many false positives. Chipman’s proposal would lead to the arresting of many innocent Americans. This would not bother Chipman since he told the Senate Judiciary Committee that law-abiding gun owners are potential criminals.

The Waco massacre is proof that, as the late libertarian Karl Hess put it, “whenever you put your faith in big government for any reason, sooner or later you end up an apologist for mass murder.” Those of us who understand this must continue to spread the truth about the true nature of the welfare-warfare-regulatory state. Key to regaining our liberty is making government officials abide by the same rules against the initiation of violence that apply to private citizens.

 
• Category: History • Tags: Civil Liberties, Police State 

I have my doubts whether the Putin-Biden summit in Geneva will take place later this month, but even if somehow it is pulled off, recent Biden Administration blunders mean the chance anything of substance will be achieved is virtually nil.

The Biden Administration was supposed to signal a return of the “adults” to the room. No more bully Trump telling NATO it’s useless, ripping up international climate treaties, and threatening to remove troops from the Middle East and beyond. US foreign policy would again flourish under the steady, practiced hands of the experts.

Then Biden blurted out in a television interview that President Putin was a killer with no soul. Then US Secretary of State Antony Blinken discovered the hard way that his Chinese counterparts were in no mood to be lectured on an “international rules-based order” that is routinely flouted by Washington.

It’s going to be a rough ten days for President Biden. Just as news breaks that under the Obama/Biden Administration the US was routinely and illegally spying on its European allies, he is preparing to meet those same allies, first at the G7 summit in England on June 11-13 and then at the June 14th NATO meeting in Brussels.

Make no mistake, Joe Biden is up to his eyeballs in this scandal. Ed Snowden Tweeted late last month when news broke that the US teamed up with the Danes to spy on the rest of Europe, that “Biden is well-prepared to answer for this when he soon visits Europe since, of course, he was deeply involved in this scandal the first time around.”

Though Germany’s Merkel and France’s Macron have been loyal US lapdogs, the revelation of how Washington treats its allies has put them in the rare position of having to criticize Washington. “Outrageous” and “unacceptable” are how they responded to the news.

Russia has been routinely accused (without evidence) of malign conduct and interference in internal US affairs, but it turns out that the country actually doing the spying and meddling was the US all along – and against its own allies!

Surely this irony is not lost on Putin.

Biden has bragged in the US media that he would be taking Putin to task for Russia’s treatment of political dissidents like Alexei Navalny. Biden wrote recently in the Washington Post, that when he meets Putin, “I will again underscore the commitment of the United States, Europe and like-minded democracies to stand up for human rights and dignity.”

Perhaps President Putin will remind him of how the Biden Administration continues the slow-motion murder of Julian Assange for the non-crime of being a journalist exposing government misdeeds.

Perhaps Putin will remind Biden of how US political dissidents are being treated, such as the hundreds arrested for what the Democrats and the mainstream media laughably call the “January 6th Insurrection.” Many of these non-violent and unarmed protesters have been held in solitary confinement with no chance of bail, even though they have no prior arrests or convictions. Most await trial on minor charges that may not even take place until next year.

The Washington foreign policy establishment is hopelessly corrupt. The weaponization of the US dollar to bring the rest of the world to heel is backfiring. Only a serious change in course – toward non-interventionism and non-aggression – can avert a disaster. Time is running out.

 
• Category: Foreign Policy • Tags: Joe Biden, Russia, Vladimir Putin 

President Joe Biden has ordered the Financial Stability Oversight Council to prepare a report on how the financial system can mitigate the risks related to climate change. The Financial Stability Oversight Council was created through the Dodd-Frank financial regulatory reform act and is supposed to identify and monitor excessive risk to the financial system. The council is composed of the heads of the major federal financial regulatory agencies, including the Federal Reserve.

Federal Reserve Chair Jerome Powell is no doubt pleased with Biden’s order. Powell has been pushing for the Fed to join other central banks in fighting climate change. Among the ways the Fed could try to mitigate the risks related to climate change is by using its regulatory authority to “encourage” banks to lend to “green” businesses and deny capital to “polluters.” The Fed could also use “quantitative easing” to give green industries an advantage over their non-green competitors. Another way the Fed could “fight climate change” is by committing to monetizing all federal debt created by legislation implementing the Green New Deal.

Climate change is not the only area where the Fed is embracing the agenda of the “woke.” Some Federal Reserve Banks have taken the lead in a series of events called “Racism and the Economy” that are concerned with dismantling “systemic racism.” The Fed’s commitment to ending systemic racism could lead the central bank to requiring that banks and other financial institutions further relax their lending standards for minorities. The role the Community Reinvestment Act played in the 2008 housing meltdown shows that when government forces financial institutions to give loans to otherwise unqualified applicants, the recipients of those loans often are unable to make their payments, lending to foreclosures and bankruptcies.

Racial justice arguments could also justify an easy money, low interest rate policy on the grounds that curtailing money creation slows economic growth, disproportionately harming minorities.

The Fed may court favor with the Biden administration and its congressional allies by going woke. However, it will face a backlash from those who oppose expanding government power to address nonexistent threats of climate change and to promote the lie that free markets are causing systemic racism. This backlash will be fueled by rising anger over widespread price increases. This will increase the already strong public support for the Audit the Fed legislation. A complete Federal Reserve audit will provide to Congress and the American people the truth about the Fed’s conduct of monetary policy, including how politics affects the Fed’s actions.

The use of the woke agenda as an excuse to further politicize the allocation of capital and continue to expand the Fed’s easy money, low interest rate policy will hasten and deepen the next economic crisis. This crisis will either be precipitated by or result in the rejection of the dollar’s world reserve currency status. It will also likely result in the collapse of the entire Keynesian welfare-warfare system. Unfortunately, there is a likelihood that the current system will be replaced with a government even more authoritarian than the current one. But, if those of us who know the truth can educate enough people about liberty, we can make sure the next economic crisis leads to a rebirth of limited government, free markets, and individual liberty.

 
• Category: Economics • Tags: Federal Reserve, Joe Biden 

April’s 4.2 percent past year increase in the Consumer Price Index is not likely to dissuade the Federal Reserve from continuing its policy of near-zero interest rates. Fed Chairman Jerome Powell believes the rising prices are just a temporary phenomenon caused by the ending of lockdowns releasing pent-up consumer demand.

Powell may be right that the ending of lockdowns would inevitably be accompanied by a rise in prices. However, this is just the latest reason the Fed has given for putting off increasing interest rates. Powell does not want to admit that the real reason the Fed will continue to keep rates low is that increasing rates will cause the federal government’s interest payments to rise to unsustainable levels.

One way the Fed increases the money supply — and thus lowers interest rates — is by purchasing US Treasury securities. These purchases increase demand for US government debt, keeping government’s borrowing costs low. An expansionary monetary policy thus enables increased federal spending and deficits. Since the lockdowns, the Fed has worked overtime to monetize federal debt, doubling its holdings of Treasury securities.

A Truth in Accounting report from April concluded the real federal debt is 123 trillion dollars — over four times larger than the 28 trillion dollars “official” debt. The higher debt calculation includes the federal government’s unfunded liabilities. The biggest unfunded liabilities are the 55 trillion dollars in promised but unfunded Medicare benefits and the 41 trillion dollars in promised but unfunded Social Security benefits.

Congress could transition away from entitlement and welfare programs without harming current or soon-to-be beneficiaries by cutting spending on militarism and corporate welfare. Part of the savings from these cuts could be used to pay down the debt, and part could be used to provide payments for current and soon-to-be beneficiaries of government programs while we transition to a free market.

Unfortunately, there is not much appetite in Congress for spending cuts. The main Democratic criticisms of President Biden’s 1.52 trillion dollars budget, which increases spending by 8.4 percent, are that Biden is not proposing bigger increases in spending and debt, or in taxes on “the rich.” Biden’s budget increases are in addition to the trillions in other spending Biden is pursuing, including related to Covid, infrastructure, and his “American Families Plan.”

Republicans are making obligatory attacks on Biden’s spending, while also attacking Biden for increasing military spending to “only” 753 billion dollars. Republican complaints about Biden’s big spending ring hollow given their support for Presidents Donald Trump and George W. Bush’s spending increases and Republicans’ proposals to spend billions on infrastructure.

Some conservatives have even embraced the madness of Modern Monetary Theory. These conservatives are urging people to stop worrying about spending and debt and instead figure out how to use Fed-financed government spending to advance conservative ends.

The refusal of Congress to cut spending means the Fed will keep increasing its balance sheet in an effort to monetize skyrocketing debt. Eventually, the increasing debt and inflation will lead to a major economic meltdown. The meltdown will likely include a rejection of the dollar’s world reserve currency status.

The only way to avoid the crash is to spread the truth among enough people to force Congress to reverse course. Early steps in reversing course are blocking Biden’s big spending plans and passing Audit the Fed so the American people can finally know the truth about the Federal Reserve’s actions.

 

Centers for Diseases Control (CDC) Director Dr. Rochelle Walensky has “recommended” that children wear masks while playing. Her offered reason is to ensure Covid is not spread by “heavy breathing” of children near each other while around a soccer ball.

Dr. Walensky’s recommendation is one more example of Covid authoritarians’ refusal to “listen to the science.” The science says no to lockdowns and masks. The masks are not blocking the very small viruses in “heavy breathing.” Dr. Walensky also ignores the science showing that wearing a mask while exercising or playing sports has negative health effects.

Dr. Walensky’s most outrageous disregard of science is ignoring the fact that children are statistically unlikely to be at risk of either spreading Covid or becoming very sick from it.

Dr. Walensky’s recommendation is one of many examples of how children are harmed by the overreaction to coronavirus. Many children have had their physical and mental health damaged because they cannot go to school, play with their friends, or even have a birthday party because of the lockdowns.

Disappointingly, but not surprisingly, the two major teachers’ unions — the National Education Association (NEA) and the American Federation of Teachers (AFT) — have stood in the way of reopening schools. Teachers’ union leaders have claimed it is too dangerous for teachers to resume in-person instruction, even though adults are at little or no risk of getting Covid from children. Sadly, teachers’ unions are disregarding the interest of children. Recently released emails show the CDC disregarded the science in favor of the AFT’s restrictive guidance when developing recommendations concerning reopening schools.

The negative effects of lockdowns and school closings for children have led many parents to consider alternatives to government schools. Some private schools have not just remained open, they have followed the science and not forced their students to wear masks. Many parents are also considering homeschooling. Homeschooling parents obviously can ensure their children are not forced to obey mask, social distancing, and other unscientific mandates.

Parents interested in providing their children with a quality education that emphasizes the ideas of liberty should consider my homeschooling curriculum. The Ron Paul Curriculum provides students with a well-rounded education that includes rigorous programs in history, mathematics, and the physical and natural sciences. The curriculum also provides instruction in personal finance. Students can develop superior communication skills via intensive writing and public speaking courses. Another feature of my curriculum is that it provides students the opportunity to create and run their own internet-based businesses.

The government and history sections of the curriculum emphasize Austrian economics, libertarian political theory, and the history of liberty. However, unlike government schools, my curriculum never puts ideological indoctrination ahead of education.

Interactive forums allow students to learn from each other outside of a formal setting. The curriculum’s emphasis on self-directed learning and student interaction makes it ideal for parents who need to work from home but still want to homeschool their children.

I encourage parents looking at alternatives to government schools to go to RonPaulCurriculum.com for more information about my homeschooling program.

 
• Category: Ideology • Tags: Civil Liberties, Coronavirus 

Even if “won,” endless wars like our 20 year assault on Afghanistan would not benefit our actual national interest in the slightest. So why do these wars continue endlessly? Because they are so profitable to powerful and well-connected special interests. In fact, the worst news possible for the Beltway military contractor/think tank complex would be that the United States actually won a war. That would signal the end of the welfare-for-the-rich gravy train.

In contrast to the end of declared wars, like World War II when the entire country rejoiced at the return home of soldiers where they belonged, an end to any of Washington’s global military deployments would result in wailing and gnashing of the teeth among the military-industrial complex which gets rich from other people’s misery and sacrifice.

Would a single American feel less safe if we brought home our thousands of troops currently bombing and shooting at Africans?

As Orwell famously said, “the war is not meant to be won, it is meant to be continuous.” Nowhere is this more true than among those whose living depends on the US military machine constantly bombing people overseas.

How many Americans, if asked, could answer the question, “why have we been bombing Afghanistan for an entire generation?” The Taliban never attacked the United States and Osama bin Laden, who temporarily called Afghanistan his home, is long dead and gone. The longest war in US history has dragged on because…it has just dragged on.

So why did we stay? As neocons like Max Boot tell it, we are still bombing and killing Afghans so that Afghan girls can go to school. It’s a pretty flimsy and cynical explanation. My guess is that if asked, most Afghan girls would prefer to not have their country bombed.

Indeed, war has made the Beltway bomb factories and think tanks rich. As Brown University’s Cost of War Project has detailed, the US has wasted $2.26 trillion dollars on a generation of war on Afghanistan. Much of this money has been spent, according to the US government’s own Special Inspector General for Afghanistan Reconstruction, on useless “nation-building” exercises that have built nothing at all. Gold-plated roads to nowhere. Aircraft that cannot perform their intended functions but that have enriched contractors and lobbyists.

President Biden has announced that the US military would be out of Afghanistan by the 20th anniversary of the attacks of 9/11. But as always, the devil is in the details. It appears that US special forces, CIA paramilitaries, and the private contractors who have taken an increasing role in fighting Washington’s wars, will remain in-country. Bombing Afghans so that Max Boot and his neocons can pat themselves on the back.

But the fact is this: Afghanistan was a disaster for the United States. Only the corrupt benefitted from this 20 year highway robbery. Will we learn a lesson from wasting trillions and killing hundreds of thousands? It is not likely. But there will be an accounting. The piper will be paid. Printing mountains of money to pay the corrupt war profiteers will soon leave the working and middle classes in dire straits. It is up to non-interventionists like us to explain to them exactly who has robbed them of their future.

 
• Category: Foreign Policy • Tags: Afghanistan, American Military, Joe Biden 

Many Americans saw former policeman Derek Chauvin’s conviction on all counts last week as affirming the principle that no one is above the law. Many others were concerned that the jury was scared that anything less than a full conviction would result in riots, and even violence against themselves and their families.

Was the jury’s verdict influenced by politicians and media figures who were calling for the jury to deliver the “right” verdict? Attempts to intimidate juries are just as offensive to the rule of law as suggestions that George Floyd’s criminal record somehow meant his rights were not important.

The video of then-policeman Chauvin restraining Floyd led people across the political and ideological spectrums to consider police reform. Sadly, there have also been riots across the country orchestrated by left-wing activists and organizations seeking to exploit concern about police misconduct to advance their agendas.

It is ironic to see self-described Marxists, progressives, and other leftists protesting violence by government agents. After all, their ideology rests on the use of force to compel people to obey politicians and bureaucrats.

It is also ironic to see those who claim to want to protect and improve “black lives” support big government.

Black people, along with other Americans, have had their family structure weakened by welfare policies encouraging single parenthood. This results in children being raised without fathers as a regular presence in their lives, increasing the likelihood the children will grow up to become adults with emotional and other problems.

Those at the bottom of the economic ladder are restrained in improving their situation because of minimum wage laws, occupational licensing regulations, and other government interference in the marketplace. They are also victims of the Federal Reserve’s inflation tax.

Many progressives who claim to believe that “black lives matter” do not care that there is a relatively high abortion rate of black babies. These so-called pro-choice progressives are the heirs of the racists who founded the movement to legalize and normalize abortion.

The drug war is a major reason police have increasingly looked and acted like an occupying army. Police militarization threatens everyone’s liberty. Black people have been subjected to drug war arrests and imprisonment at relatively high rates.

Those interested in protecting and enhancing black people’s (and all people’s) lives should embrace liberty. Libertarians reject the use of force to achieve political, economic, or social goals, Therefore, in a libertarian society, police would only enforce laws prohibiting the initiation of force against persons or property.

A libertarian society would leave the provision of aid to the needy to local communities, private charities, and religious organizations. Unlike the federal welfare state, private charities can provide effective and compassionate aid without damaging family structure or making dependency a way of life. In a libertarian society, individuals could pursue economic opportunity free of the burdens of government regulations and taxes, as well as free of the Federal Reserve’s fiat currency.

Free markets, individual liberty, limited government, sound money, and peace are key to achieving prosperity and social cohesion. Those sincerely concerned about improving all human lives should turn away from the teaching of Karl Marx and John Maynard Keynes, who advocated expansive government power, and, instead, embrace the ideas of pro-liberty writers such as Ludwig von Mises and Murray Rothbard.

 

Last week President Biden announced a “full” US withdrawal from Afghanistan – the longest war in US history – by the 20th anniversary of the 9/11 attack on the United States. While this announcement is to be welcomed, the delayed US withdrawal may result in Americans and Afghans dying needlessly for good PR optics back home. We all remember how many Americans died after President Bush’s “Mission Accomplished” stunt in Iraq.

The war has been a disaster from day one. So why wait to end it?

The previous Trump Administration had negotiated an agreement for the US to be out of Afghanistan by the first of May, but in its obsession with tossing out anything associated with Trump, President Biden will continue to keep US troops in harm’s way in this pointless war.

The Taliban have kept their end of the “Doha Agreement” signed under then-President Trump: no Americans have been killed in Afghanistan for more than a year. However, the US side under President Biden will formally violate the Agreement by keeping US troops in-country after May 1st. The Taliban has announced that it will hold the US “liable” for remaining in-country after the agreed-upon departure date. That means more Americans may be killed.

The outcome of the war will not be altered in the slightest by keeping US troops in Afghanistan four additional months. The withdrawal is already announced and no one paying attention expects the corrupt US-backed Kabul government to survive. It is another Saigon moment, proving that the intellectually bankrupt US foreign policy and military established has learned absolutely nothing from history. So if another American is killed, who is going to explain to the grieving family why their loved one had to remain in harm’s way for a good 9/11 photo-op?

A recent article in the Military Times lays out the massive disaster of the US two-decade war on Afghanistan: more than two trillion dollars spent – much of it going to fund crooked practices in Afghanistan and here at home. And even worse, the Cost of War Project has estimated that a quarter of a million people have been killed in the war.

We do applaud President Biden’s decision to ignore the demands of all the neocons who have flocked to support his Administration, but as is most often the case, when it comes to Washington you have to really read the fine print when something sounds too good to be true. In this case, the fine print is that the US will not actually be leaving Afghanistan at all. As a recent article in The Grayzone points out, the Afghan war will continue with US special forces, CIA paramilitaries, and guns-for-hire taking the place of US soldiers. The war is not going to end, it’s just going to be “privatized.”

My philosophy has always been simple: we just marched in, so we can just march out. As we have learned recently, that is exactly what President Trump tried to do in the final days of his presidency, only to get cold feed after his military and national security “experts” told him it was a terrible idea. When the history of the Trump Administration is written, it will sadly be filled with stories of Trumps’ excellent instincts tossed aside by his inability to demand that those working for him follow his orders. It’s tragic.

We need to be completely out of Afghanistan. Yesterday.

 
• Category: Foreign Policy • Tags: Afghanistan, American Military 

Treasury Secretary Janet Yellen has proposed that governments around the world require payment of at least a uniform “global minimum corporate tax.” A motivation for Yellen’s push for a global minimum corporate tax is fear that the Biden administration’s proposed increase in the US corporate tax will cause some American corporations to flee the US for countries with lower corporate taxes.

President Biden wants to increase corporate taxes to help pay for his so-called infrastructure plan. The plan actually spends more on “progressive” priorities, including a down payment on the Green New Deal, than on infrastructure.

Much of the spending will benefit state-favored businesses. For example, the plan provides money to promote manufacturing and electric vehicles. So, the idea is to raise taxes on all corporations and then use some of the received tax payments to subsidize government-favored businesses and industries.

The only way to know the highest valued use of resources is by seeing what goods and services consumers voluntary choose to spend their money on. A system where the allocation of resources is based on the preferences of politicians and bureaucrats — who use force to get their way — will be less efficient than a system where consumers control the allocation of resources.

Thus, the greater role government plays in the economy the less prosperous the people will be — with the possible exception of the governing class and those who make their living currying favor with the rulers.

Yellen’s global corporate tax proposal will no doubt be supported by governments of many European Union (EU) countries, as well as the globalist bureaucrats at the Organization for Economic Cooperation and Development (OECD). For years, these governments and their power-hungry OECD allies have sought to create a global tax cartel.

The goal of those supporting global minimum taxes enforced by a global tax agency is to prevent countries from lowering their taxes. Lowering corporate and other taxes is one way countries are able to attract new businesses and grow their economies. For example, after Ireland lowered its corporate taxes, it moved from being one of the poorest countries in the EU to having one of the EU’s strongest economies. Also, American workers and investors benefited from the 2017 tax reform’s reduction of corporate taxes from 35 percent to 21 percent.

Yellen and her pro-global tax counterparts deride tax competition between countries as a “race to the bottom.” In fact, tax competition is a race to the top for the countries whose economies benefit from new investments, and for the workers and consumers who benefit from new job opportunities and new products. In contrast, a global minimum corporate tax will raise prices and lower wages, while incentivizing politicians to further increase the minimum.

A global minimum corporate tax will also set a precedent for imposition of other global minimum taxes on individuals. This scheme may even advance the old Keynesian dream of a global currency. The Biden administration is already taking steps toward a global currency by asking the International Monetary Fund to issue more special drawing rights (SDRs).

Global tax and fiat currency systems will only benefit the world’s political and financial elites. In contrast, regular people across the world benefit from limited government, free markets, sound money, and reduced or eliminated taxes.

 
• Category: Economics • Tags: Taxes