UPDATE 10.20.23: A BBC headline today reads, “Biden seeks ‘vital’ war aid for Israel and Ukraine.” Who is the war aid vital for? Certainly not the American people who will be paying it. After returning from a disastrous trip to Israel, in which he encouraged Hamas to learn to “shoot straight,” Biden’s administration began floating a plan to give another $60 billion to Ukraine and $14 billion to Israel (not a poor country). Another $10 billion for “humanitarian efforts,” which perhaps can be assumed to mean aid for Palestinians. Here’s the kicker, though: Biden will also ask for $7 billion for the “Indo-Pacific” region. What does that have to do with Ukraine or Israel? And, in order to shame any Republicans who vote against this monstrosity, Biden will add $14 billion in funds for “US border security.”
Originally posted October 17, 2023.
At the Ron Paul Institute for Peace and Prosperity, former congressman and presidential candidate, Dr. Ron Paul explains that funding the wars in Ukraine and Israel is a great deal for the military-industrial complex, but not so much for the American people. He writes:
Given the strong support for Israel among both major political parties it is not surprising that, following the attacks, many politicians rushed to microphones to proclaim their support for US assistance for Israel. President Biden announced the US would send military aid to Israel, while Congress is drafting legislation providing about two billion dollars in “emergency” military assistance to Israel. Even most of the growing number of representatives who oppose military aid to Ukraine will support spending “whatever it takes” to defend Israel. This is why the Biden administration and some in Congress want to combine aid for Israel and Ukraine into one legislative package.
Spending billions more to support military action in the Middle East and Ukraine will benefit the military-industrial complex. However, it will harm most Americans by accelerating the growth of the government’s over 33 trillion dollars debt. As the debt increases, the Federal Reserve will push interest rates lower and monetize the debt. This will lead to increased price inflation, combined with economic stagnation and high unemployment — in other words, stagflation.
Concerns over the government’s debt and the Federal Reserve’s enabling of that debt with easy money and low interest rates will lead to more challenges to the dollar’s world reserve currency status. Increased resentment over US hyper-interventionist foreign policy will also lead to changes to the dollar’s reserve currency status. Saudi Arabia could even stop using dollars for its international oil trade. The end of the petrodollar would be the final nail in the coffin of the dollar’s world reserve currency status.
The end of the dollar’s world reserve currency status would mean the US government could no longer run an empire abroad and an authoritarian welfare state at home. The question is not will the American empire end but when and how. It should end deliberately, with Congress starting the process of restoring limited constitutional government by ending all foreign aid and bringing our troops home.
Read more here.
If you’re willing to fight for Main Street America, click here to sign up for my free weekly email.