Rampant inflation was one of, if not the, biggest factor that led to Donald Trump’s re-election. Everyday, hardworking American citizens are fed up with struggling to put food on the table and keep the electricity on.
Why then are so many economists perplexed by the average worker’s concern over rising prices?
Could it be because up in their ivory towers with their noses stuck in books, they’ve lost touch with the struggles of everyday people?
Matt Kibbe and guest Lydia Mashburn Newman, managing director of monetary economics at the American Institute for Economic Research, think that’s exactly what’s happened.
Perhaps they can’t see that the Federal Reserve, coupled with reckless government spending, is causing inflation to skyrocket.
The problem has gotten so bad that we need someone like former Texas Congressman Dr. Ron Paul – longtime critic of the Federal Reserve – to go in and clean house.
“Within the Republican Party, Ron Paul was considered an outlier, a gadfly, maybe even a nuisance for the ‘serious’ people that wanted to do serious policy,” Kibbe says, recalling Dr. Paul’s outspokenness about eliminating the Federal Reserve and the dismissive attitude he was met with. “But now fast-forward … Sen. Mike Lee has introduced legislation to end the Fed.”
Rep. Thomas Massie (R-Ky.) has since picked the bill up.
“Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” he said. “During COVID, the Federal Reserve created trillions of dollars out of thin air and loaned it to the Treasury Department to enable unprecedented deficit spending. By monetizing the debt, the Federal Reserve devalued the dollar and enabled free-money policies that caused the high inflation we see today.”
“Thomas Massie is basically mini Dr. Paul,” says Kibbe. “And I say that as a compliment.”
On top of Massie carrying Dr. Paul’s torch, “Elon Musk is retweeting Mike Lee about ending the Fed,” and “Dr. Paul is being consulted by the so-called DOGE committee.”
“There’s a lot of inflation that people are feeling in their pocketbooks and in their grocery basket cart, so people are going back to Dr. Paul and his influence in Austrian economics,” Kibbe says.
“It’s the Ron Paul moment.”
To hear Kibbe and Newman’s conversation, watch the episode above.
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