Key facts: The board of governors, the Fed, and the law that started it would be abolished. At least 19 politicians support the proposal. Thomas Massie, a Republican member of the United States House of Representatives, presented a bill to abolish the Federal Reserve (Fed), the Central Bank of that nation. Massie said that he opposes excessive government spending and consequently «Americans are suffering from crippling inflation.»
The congressman adds that the Federal Reserve devalued the dollar and therefore retirees see their savings evaporate due to the actions of a central bank that pursues inflationary policies that benefit only some.
«During COVID, the Federal Reserve created billions of dollars out of nothing and loaned them to the Treasury Department to enable unprecedented deficit spending. By monetizing debt, the Federal Reserve devalued the dollar and enabled free money policies that caused today's high inflation.» Thomas Massie, US Congressman.
For that and other reasons Massie believes the time has come to put an end to whoever is responsible for destroying the United States economy. So, to achieve this, he has taken the first step, which is the introduction of HR 8421, the Federal Reserve Board Abolition Act.
In itself, the document presented proposes abolishing the Board of Governors, as well as each bank in the system within one year, just after the law has been enacted. And during that time, the Secretary of the Treasury will manage the retirement and other benefits of former officials and employees of the Federal Reserve, as the project reads.
«Monetizing debt is a closely coordinated effort between the White House, the Federal Reserve, the Treasury Department, Congress, the big banks and Wall Street.» Thomas Massie, US Congressman.
The bill enjoys broad support, given that at least 19 legislators appear as co-sponsors. Additionally, thousands of people expressed their support for Massie when he went to X to ask the population if they believe that the Federal Reserve should be abolished. The survey concluded yesterday with more than 115,000 votes, where an impressive 86% were in favor of moving forward to end the institution United States. Recently, Fed Chairman Jerome Powell admitted that US inflation has remained stubbornly high in recent months. Indeed, this is mainly due to the fact that he has printed money in bulk since the time of the Covid pandemic. In fact, bitcoin adoption in the United States has increased since the pandemic. And that is precisely the sector of the population that is very clear about the contract that exists between a digital currency with a supply limited to 21 million of currencies, and fiat money that is printed at will by governments