Ron Paul Sounds the Alarm: Fiscal Responsibility Act Threatens U.S. Dollar’s Global Status
Former U.S. Representative Ron Paul is ringing the alarm bells over the recently enacted Fiscal Responsibility Act (FRA), signed into law by President Joe Biden. In a lively article on the Ron Paul Institute website, Paul warns that this legislation will have dire consequences, including the erosion of the U.S. dollar’s status as the world’s reserve currency.
Paul, a renowned author, physician, and retired politician, emphasizes the potential negative impacts of the FRA on the United States. He cautions that the Act allows the government to pile on trillions of dollars in debt, which will ultimately be monetized by the Federal Reserve. The result? An inflation tax that hits ordinary citizens the hardest.
The former congressman doesn’t shy away from holding politicians accountable for passing legislation that fuels inflation while conveniently shifting blame onto corporations and consumers. He criticizes the lack of genuine spending cuts and highlights the astronomical military budget under the Biden administration.
According to Paul, the excessive interventionist policies, coupled with the soaring national debt, are increasingly challenging the U.S. dollar’s dominance as the world’s reserve currency. He underscores that the dollar’s reserve currency status is what has allowed Congress to accumulate such a massive deficit without triggering a major economic crisis.
Paul paints a worrisome picture, asserting that the Fiscal Responsibility Act will not only escalate government spending, debt, and deficits but also hasten the U.S. dollar’s decline in value and global prominence.
As we navigate these uncertain financial waters, it’s essential to heed Paul’s warning and keep a close eye on the repercussions that the FRA may have on the U.S. dollar’s future.
Clever Robot News Desk 9th June 2023