Congressman Massie says support for legislation to abolish Federal Reserve has grown 10x
Congressman Massie says enhance for laws to abolish Federal Reserve has grown 10x Congressman Massie says enhance for laws to abolish Federal Reserve has grown 10x
Congressman Massie stated that his determination to revive the laws changed into once heavily influenced by "The Bitcoin Standard" audiobook.
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US Congressman Thomas Massie has reintroduced laws aimed at abolishing the Federal Reserve, a transfer he says changed into once inspired by a seminal book on Bitcoin.
The invoice, identified because the “Federal Reserve Board Abolition Act,” marks the principle strive in a decade to dismantle the nation’s central banking system. It changed into once equipped by Massie in Might possibly moreover and is currently within the preliminary phases of overview by the Dwelling.
Massie published throughout a podcast look on June 13 with creator Tom Woods that the initiative has garnered predominant enhance over the final decade, opposite to his preliminary contemplating.
He stated:
“The quantity of co-sponsors for the invoice to total the Federal Reserve in 10 years has long previous up 10x, which is valuable.”
The Bitcoin Standard
Massie moreover published that he made the determination to reintroduce the controversial invoice after taking note of “The Bitcoin Standard” audiobook by Saifedean Ammous.
In accordance with Massie, the “first 80% of the book” explains the enviornment’s monetary system and the scheme it features. He added:
“Primarily the most crucial 80% of it's miles now not about Bitcoin, it’s about money, it’s about âwhat is money?’ He [Ammous] has to keep that down before you may well be in a location to repeat what Bitcoin is since you may well be in a location to’t judge that all individuals knows what money changed into once.”
“The Bitcoin Standard,” published in 2018, argues that Bitcoin possesses superior monetary properties in contrast with archaic fiat currencies, particularly its scarcity enforced by a maximum provide of 21 million coins.
Ammous attributes assorted social and economic concerns, equivalent to diminished household financial savings and inflated asset prices, to the US abandoning the gold long-established in 1971 â which many take into yarn the initiating of the “fiat rip-off” that allows central banks to print unlimited portions of cash.
Abolishing the Fed
Massie’s invoice echoes these topics, claiming that Federal Reserve insurance policies disproportionately revenue the well off and erode retirees’ financial savings.
In accordance with the invoice:
“Retirees explore their financial savings evaporate below the Fedâs insurance policies, which revenue the well off and linked.”
The proposed laws objectives 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, particularly throughout the COVID-19 pandemic, include ended in severe inflation and economic instability.
He stated throughout the podcast:
“At some stage in COVID, the Fed created trillions of greenbacks out of skinny air and loaned it to the Treasury Division to enable unparalleled deficit spending. By monetizing the debt, the Fed devalued the greenback and enabled free money insurance policies that caused the excessive inflation we explore this day.”
Massie’s invoice has garnered enhance from 21 cosponsors, including vital Republicans like Salvage. Lauren Boebert, Salvage. Marjorie Taylor Greene (R-Ga.), and Salvage. Matt Gaetz (R-Fla.).
The invoice’s introduction follows a Twitter poll conducted by Massie, in which 86% of over 115,000 respondents supported the theory of abolishing the Fed â reflecting predominant public discontent with the central financial institution’s operations.
Massie’s transfer is section of a broader construction of criticism against the Fed, which has historically faced scrutiny over its impact on the economy and its perceived lack of transparency. The invoice moreover revives efforts on the initiating led by frail Congressman Ron Paul, who first equipped identical laws in 1999 and reintroduced it in 2013.
Despite its skill to resonate with certain segments of the overall public and lawmakers, the invoice is anticipated to face worthy opposition in Congress, the keep the Fed is viewed by many as a predominant institution for managing the nation’s economy.
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his expertise worldwide for over a decade. Focusing on financial journalism, he now specializes in crypto reporting.
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