US Congressman Thomas Massie from Kentucky has just lately filed a invoice to remove the Federal Reserve based mostly on the ebook about Bitcoin. Inspired by the ebook The Bitcoin Standard by Saifedean Ammous, Massie is satisfied that it’s time to get up to the present central banking system. This invoice has obtained help from the web Bitcoin group and a number of other Republican co-sponsors.
Bitcoin Book Spurs Massie’s Fed Abolition Bill
Thomas Massie’s newest invoice to take away the Federal Reserve as an establishment is knowledgeable by his new data on cash issues, which he acquired from listening to Saifedean Ammous’s “The Bitcoin Standard” audiobook. The ebook focuses on cash and anti-central banking. Massie mentioned that the ebook’s first few chapters introduce the thought of cash after which transfer on to Bitcoin. This foundational data enabled Massie to determine the issues with the Federal Reserve’s operations.
According to Massie, he discovered the ebook compelling as a result of it described the United States repealing the gold commonplace in 1971 and its results. Ammous associates the transition to fiat foreign money with the emergence of varied financial points, together with low family financial savings and excessive asset valuation. These observations led Massie to reintroduce the “Federal Reserve Board Abolition Act,” echoing related issues concerning the results of the Fed on retirement funds and the enrichment of the prosperous.
Massie’s Anti-Fed Bill Sees Increased Support
This shouldn’t be the primary time Massie has tried difficult the Federal Reserve’s insurance policies. He co-sponsored the same invoice in 2013 with the unique invoice launched in 1999 by former libertarian congressman Ron Paul. However, that invoice attracted little help and has solely two co-sponsors. According to Massie, the financial issues that Paul predicted, together with excessive inflation and overprinting of cash, have come to cross, inflicting folks to lose confidence in authorities establishments.
Surprisingly, Massie’s 2024 invoice has garnered extra help, with two dozen Republican co-sponsors. This improve in backing displays rising issues concerning the Federal Reserve’s financial position. Massie’s assertion that retirees’ financial savings are eroding below present insurance policies resonates with many, and the invoice’s emphasis on monetary stability appeals to his colleagues.
The on-line Bitcoin group has proven robust help for Massie’s initiative. Massie and Ammous mentioned their skepticism in direction of centralized financial administration on social media, citing influential economics professors. This alternate highlights the ideological shift amongst some policymakers and economists in direction of decentralized monetary methods like Bitcoin.
Massie’s invoice argues that the Federal Reserve’s insurance policies disproportionately profit the rich, exacerbating financial inequality. Massie goals to deal with these disparities and promote a extra equitable monetary system by proposing the abolition of the Federal Reserve. His reliance on Bitcoin rules underscores a broader motion advocating various financial frameworks.
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