US
Congressman
Thomas
Massie
has
reintroduced
legislation
aimed
at
abolishing
the
Federal
Reserve,
a
move
he
says
was
inspired
by
a
seminal
book
on
Bitcoin.
The
bill,
known
as
the
“Federal
Reserve
Board
Abolition
Act,”
marks
the
first
attempt
in
a
decade
to
dismantle
the
nation’s
central
banking
system.
It
was
introduced
by
Massie
in
May
and
is
currently
in
the
initial
phases
of
review
by
the
House.
Massie
revealed
during
a
podcast
appearance
on
June
13
with
author
Tom
Woods
that
the
initiative
has
garnered
significant
support
over
the
past
decade,
contrary
to
his
initial
thinking.
He
said:
“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
Standard
Massie
also
revealed
that
he
made
the
decision
to
reintroduce
the
controversial
bill
after
listening
to
“The
Bitcoin
Standard”
audiobook
by
Saifedean
Ammous.
According
to
Massie,
the
“first
80%
of
the
book”
explains
the
world’s
monetary
system
and
how
it
functions.
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,”
published
in
2018,
argues
that
Bitcoin
possesses
superior
monetary
properties
compared
to
traditional
fiat
currencies,
particularly
its
scarcity
enforced
by
a
maximum
supply
of
21
million
coins.
Ammous
attributes
various
social
and
economic
issues,
such
as
reduced
household
savings
and
inflated
asset
prices,
to
the
US
abandoning
the
gold
standard
in
1971
—
which
many
consider
the
beginning
of
the
“fiat
scam”
that
allows
central
banks
to
print
unlimited
amounts
of
money.
Abolishing
the
Fed
Massie’s
bill
echoes
these
themes,
claiming
that
Federal
Reserve
policies
disproportionately
benefit
the
wealthy
and
erode
retirees’
savings.
According
to
the
bill:
“Retirees
see
their
savings
evaporate
under
the
Fed’s
policies,
which
benefit
the
wealthy
and
connected.”
The
proposed
legislation
aims
to
abolish
the
Federal
Reserve
Board
of
Governors
and
the
12
regional
Federal
Reserve
banks,
effectively
repealing
the
Federal
Reserve
Act
of
1913.
Massie
argues
that
the
Fed’s
policies,
particularly
during
the
COVID-19
pandemic,
have
led
to
severe
inflation
and
economic
instability.
He
said
during
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
bill
has
garnered
support
from
21
cosponsors,
including
notable
Republicans
like
Rep.
Lauren
Boebert,
Rep.
Marjorie
Taylor
Greene
(R-Ga.),
and
Rep.
Matt
Gaetz
(R-Fla.).
The
bill’s
introduction
follows
a
Twitter
poll
conducted
by
Massie,
in
which
86%
of
over
115,000
respondents
supported
the
idea
of
abolishing
the
Fed
—
reflecting
significant
public
discontent
with
the
central
bank’s
operations.
Massie’s
move
is
part
of
a
broader
trend
of
criticism
against
the
Fed,
which
has
historically
faced
scrutiny
over
its
impact
on
the
economy
and
its
perceived
lack
of
transparency.
The
bill
also
revives
efforts
initially
led
by
former
Congressman
Ron
Paul,
who
first
introduced
similar
legislation
in
1999
and
reintroduced
it
in
2013.
Despite
its
potential
to
resonate
with
certain
segments
of
the
public
and
lawmakers,
the
bill
is
expected
to
face
substantial
opposition
in
Congress,
where
the
Fed
is
seen
by
many
as
a
critical
institution
for
managing
the
nation’s
economy.
Go to Source
Author: Assad Jafri
