In a recent episode of The Ron Paul Liberty Report, Ron Paul and Chris Rossini discussed the challenges of reducing the Federal Reserve’s influence and outlined steps to promote sound money through education and state-level initiatives.

Drawing parallels to the decline of mainstream media, they emphasized the importance of competition, particularly in the monetary system.

“We wanted a specific today, Chris, to talk about the Federal Reserve,” Ron Paul began. “We talked about that because our argument has been, you know, if you’re worried about deficits, just rein in the Fed, who would buy the debt. But that would be very, very difficult, and some, some people would suffer that that probably didn’t deserve to suffer, but they’re into, they’re into a financial bubble, and it’s hard to turn it off, and that’s what they’re facing up to. So Chris, today I would like to make a few suggestions on what we might do.”

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Chris Rossini, co-host and author, addressed the complexity of ending the Federal Reserve, explaining that education must come first.

“Exactly, Dr. Paul, yeah, a lot of people ask, you know, how do you end the Fed? What do you do? Well, it is a complicated question. It’s actually simple, but it’s complicated because, well, the first step on the roadmap is education for people to understand, and more people today, thanks to Dr. Paul, understand what we’re dealing with with the Fed. But there’s still a lot more that need to at least have an easy understanding of what the Fed is,” Rossini explained.

Rossini highlighted the Fed’s monopoly over money and how it contributes to government debt and inflation. “The Fed is a monopoly created by the government, and it’s the worst type of monopoly over money. Money is a market function. It’s not a monopoly created by government, but government created this monopoly bank and it counterfeits. And if you look at the Constitution, there’s only, like, three or four federal crimes. One of them is counterfeiting. So the government created a bank that counterfeits money. And what does it do with the counterfeit money? It buys government bonds, and that’s what enables our government to expand into what has become the biggest government in the history of the world, and it has a $6 trillion budget, 36 trillion in the red. It’s buried itself in debt. This was so predictable.”

While acknowledging the difficulties of repealing the Federal Reserve Act outright, Rossini suggested alternative measures. “The easy question is, well, if they created it with the Federal Reserve Act, just repeal the Federal Reserve Act. That’s the simple answer. But it’s really not that simple, because the Fed has entrenched itself in our lives. It is a part of every economic transaction. It debases the money. It’s the cause of the inflation. So just repealing the act, while it would be noble, it would cause a lot of harm, like Doctor Paul said so. But in the meantime, there are things that we can do, and we’re going to talk about in the show.”

Ron Paul pointed to state-level initiatives as a practical path forward. “And you know what’s going on with the states, I think is fantastic, where the states, they know the states, the Constitution of the states, can’t use anything else other than gold and silver as money. So therefore, states have been motivated, and I’ve encouraged them. No corporate, no capital gains tax, and no sales tax for buying a gold coin or a silver coin. And so that is that movement. So it’s like that’s getting back to dealing with the unit of account, and I think that’s where eventually the solution has to come.”

Rossini compared the effort to promote competing currencies to the decline of mainstream media. “One thing that came to mind for me is a model that we could use, that we’re living through right now, and that’s the fall of the mainstream media. People need to be educated, and they got an education with all the lies. I mean, they just ruined their reputation and their trust… After COVID, people did not trust the media, after what they were told about COVID in those vaccines, and then following with all the Trump stuff.”

He highlighted how competition, such as Elon Musk’s purchase of X, has offered alternatives to legacy media.

“It cost Elon $40 billion to buy X. And what that was is compete. It’s competition… at least the truth can be found on X. If you search for it on the media, you’re not going to find it no matter how hard you search. So that’s what we need with money—competition.”

Rossini concluded, “You have to have sound money to compete with the fiat dollar… People will still use the dollar, of course, because it’s just a habit… But there has to be competition. If we have that, we could use the fall of the media as a model to wean ourselves off of this monetary financial system that has destroyed us into something that can help us to flourish.”

Watch the video:

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