US Congressman Thomas Massie has reintroduced legislation geared toward abolishing the Federal Reserve, a transfer he says was impressed by a seminal guide on Bitcoin.
The invoice, referred to as the “Federal Reserve Board Abolition Act,” marks the primary try in a decade to dismantle the nation’s central banking system. It was launched by Massie in Might and is at present within the preliminary phases of evaluation by the Home.
Massie revealed throughout a podcast look on June 13 with creator Tom Woods that the initiative has garnered important support over the previous decade, opposite to his preliminary pondering.
He stated:
“The number of co-sponsors for the bill to end the Federal Reserve in 10 years has gone up 10x, which is remarkable.”
The Bitcoin Customary
Massie additionally revealed that he made the choice to reintroduce the controversial invoice after listening to “The Bitcoin Standard” audiobook by Saifedean Ammous.
In accordance to Massie, the “first 80% of the book” explains the world’s financial system and the way it features. He added:
“The first 80% of it is not about Bitcoin, it’s about money, it’s about ‘what is money?’ He [Ammous] has to lay that down before you can explain what Bitcoin is because you can’t assume that everyone knows what money was.”
“The Bitcoin Standard,” revealed in 2018, argues that Bitcoin possesses superior financial properties in contrast to conventional fiat currencies, notably its shortage enforced by a most provide of 21 million cash.
Ammous attributes varied social and financial points, resembling lowered family financial savings and inflated asset costs, to the US abandoning the gold commonplace in 1971 — which many think about the start of the “fiat scam” that enables central banks to print limitless quantities of cash.
Abolishing the Fed
Massie’s invoice echoes these themes, claiming that Federal Reserve insurance policies disproportionately profit the rich and erode retirees’ financial savings.
In accordance to the invoice:
“Retirees see their savings evaporate under the Fed’s policies, which benefit the wealthy and connected.”
The proposed legislation goals to abolish the Federal Reserve Board of Governors and the 12 regional Federal Reserve banks, successfully repealing the Federal Reserve Act of 1913.
Massie argues that the Fed’s insurance policies, notably in the course of the COVID-19 pandemic, have led to extreme inflation and financial instability.
He stated in the course of the podcast:
“During COVID, the Fed 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 Fed devalued the dollar and enabled free money policies that caused the high inflation we see today.”
Massie’s invoice has garnered support from 21 cosponsors, together with notable Republicans like Rep. Lauren Boebert, Rep. Marjorie Taylor Greene (R-Ga.), and Rep. Matt Gaetz (R-Fla.).
The invoice’s introduction follows a Twitter ballot carried out by Massie, through which 86% of over 115,000 respondents supported the thought of abolishing the Fed — reflecting important public discontent with the central financial institution’s operations.
Massie’s transfer is a part of a broader pattern of criticism in opposition to the Fed, which has traditionally confronted scrutiny over its affect on the economic system and its perceived lack of transparency. The invoice additionally revives efforts initially led by former Congressman Ron Paul, who first launched related legislation in 1999 and reintroduced it in 2013.
Regardless of its potential to resonate with sure segments of the general public and lawmakers, the invoice is predicted to face substantial opposition in Congress, the place the Fed is seen by many as a important establishment for managing the nation’s economic system.
