COVID-19: Yet Another Reason to Abolish The Federal Reserve

By Krishna Chandrasekaran

In most of 2020, the year that COVID-19 was declared a pandemic, thereby resulting in an emergency declaration, the vast majority of U.S. state governors abused and extended their emergency powers to lock down their constituents, and thereby totally violate their liberties. One of the perverse incentives given to state governments to extend the abuse of their emergency powers is the federal money that state governors had received because of the declared COVID-19 pandemic emergency. This perverse incentive made the state governors continue the emergency declaration, rather than end it in two weeks as was initially proposed, and lied about, per the slogan “two weeks to flatten the curve”; if the emergency and pandemic were to be declared over, then the federal money would stop getting paid out to the state governors. Even though ending the emergency declaration would’ve been the righteous thing to do, for the vast majority of state governors, the temptation to keep on receiving the federal emergency money was far too great to resist, and the people’s liberties be damned.

It is critical to understand that these COVID-19 emergency federal payments were only possible because of the Federal Reserve’s ability to print money at will in an essentially arbitrary manner, and then lend that created money to the federal government, which then pays it out to the state governors who extend the COVID-19 state of emergency. Virtually nothing limits the Federal Reserve’s ability to print the money that state governors kept receiving so long as they kept the state of emergency, even if dishonestly, intact. However, under a sound and legitimate monetary system, such as a gold standard, no central bank, nor any other entity, would have the ability to create legal tender money, or currency, in staggering amounts. Therefore, if the United States abolished the Federal Reserve and was still under a gold standard; and if therefore no federal payments could be disbursed in such large quantities to state governors, a very significant incentive for state governors to fraudulently perpetuate the emergency declaration and continue violating people’s liberties would be gone; the ability to receive large federal payments.

An important global analogy is that of Belarus, which in July 2020 rejected a nearly one billion dollar loan from the International Monetary Fund(IMF) on the condition of locking down the country, and thereby totally oppressing the Belarusian people, for receiving the loan. Just like in the U.S., state governors would only receive the federal COVID emergency funds on the condition of perpetuating the lockdown dictatorship. In Belarus’ case, the predatory loan by the IMF is akin to asking Belarus to destroy its own economy, so that is forever dependent on IMF loans, which are mostly funded by taxpayers around the world’s nations, mostly in the developed nations. The IMF is also an international extension of the Federal Reserve Central Banking system, and therefore also must be abolished.

Therefore, the other reason to eliminate the Federal Reserve is that it enables the perpetuation of emergencies that thereby enable the perpetuation of tyranny by executive officials. For the more extended list of reasons which pre-dates COVID-19 to abolish the Federal Reserve, go here.

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