3 months ago
US Congressman Thomas Massie has reintroduced authorities aimed astatine abolishing the Federal Reserve, a determination helium says was inspired by a seminal publication connected Bitcoin.
The bill, known arsenic the “Federal Reserve Board Abolition Act,” marks the archetypal effort successful a decennary to dismantle the nation’s cardinal banking system. It was introduced by Massie successful May and is presently successful the archetypal phases of reappraisal by the House.
Massie revealed during a podcast quality connected June 13 with writer Tom Woods that the inaugural has garnered important enactment implicit the past decade, contrary to his archetypal thinking.
He said:
“The fig of co-sponsors for the measure to extremity the Federal Reserve successful 10 years has gone up 10x, which is remarkable.”
The Bitcoin Standard
Massie besides revealed that helium made the determination to reintroduce the arguable measure aft listening to “The Bitcoin Standard” audiobook by Saifedean Ammous.
According to Massie, the “first 80% of the book” explains the world’s monetary strategy and however it functions. He added:
“The archetypal 80% of it is not astir Bitcoin, it’s astir money, it’s astir ‘what is money?’ He [Ammous] has to laic that down earlier you tin explicate what Bitcoin is due to the fact that you can’t presume that everyone knows what wealth was.”
“The Bitcoin Standard,” published successful 2018, argues that Bitcoin possesses superior monetary properties compared to accepted fiat currencies, peculiarly its scarcity enforced by a maximum proviso of 21 cardinal coins.
Ammous attributes assorted societal and economical issues, specified arsenic reduced household savings and inflated plus prices, to the US abandoning the golden modular successful 1971 — which galore see the opening of the “fiat scam” that allows cardinal banks to people unlimited amounts of money.
Abolishing the Fed
Massie’s measure echoes these themes, claiming that Federal Reserve policies disproportionately payment the affluent and erode retirees’ savings.
According to the bill:
“Retirees spot their savings evaporate nether the Fed’s policies, which payment the affluent and connected.”
The projected authorities aims to abolish the Federal Reserve Board of Governors and the 12 determination Federal Reserve banks, efficaciously repealing the Federal Reserve Act of 1913.
Massie argues that the Fed’s policies, peculiarly during the COVID-19 pandemic, person led to terrible ostentation and economical instability.
He said during the podcast:
“During COVID, the Fed created trillions of dollars retired of bladed aerial and loaned it to the Treasury Department to alteration unprecedented shortage spending. By monetizing the debt, the Fed devalued the dollar and enabled escaped wealth policies that caused the precocious ostentation we spot today.”
Massie’s measure has garnered enactment from 21 cosponsors, including notable Republicans similar Rep. Lauren Boebert, Rep. Marjorie Taylor Greene (R-Ga.), and Rep. Matt Gaetz (R-Fla.).
The bill’s instauration follows a Twitter canvass conducted by Massie, successful which 86% of implicit 115,000 respondents supported the thought of abolishing the Fed — reflecting important nationalist discontent with the cardinal bank’s operations.
Massie’s determination is portion of a broader inclination of disapproval against the Fed, which has historically faced scrutiny implicit its interaction connected the system and its perceived deficiency of transparency. The measure besides revives efforts initially led by erstwhile Congressman Ron Paul, who archetypal introduced akin authorities successful 1999 and reintroduced it successful 2013.
Despite its imaginable to resonate with definite segments of the nationalist and lawmakers, the measure is expected to look important absorption successful Congress, wherever the Fed is seen by galore arsenic a captious instauration for managing the nation’s economy.
The station Congressman Massie says enactment for authorities to abolish Federal Reserve has grown 10x appeared archetypal connected CryptoSlate.
English (US) 