U.S. Rep. Thomas Massie (R-Ky.) introduced a bill on Thursday which would abolish the U.S. Federal Reserve Bank, liquidate all of its assets, and return them to the national treasury.
“Americans would be better off if the Federal Reserve did not exist. The Fed devalues our currency by monetizing the debt, causing inflation,” said Rep. Massie on X.
Massie’s bill had 20 Republican co-sponsors, including Rep. Marjorie Taylor Greene (R-Ga.), Rep. Matt Gaetz (R-Fla.) and Rep. Chip Roy (R-Tex.)
Massie’s bill would give the government a year to prepare for the ramifications of abolishing the institution before going into full effect. It would begin by abolishing the Board of Governors for the Federal Reserve, along with each individual Federal Reserve bank. And, after the year-long delay from the passage of the bill, it would officially repeal the Federal Reserve Act, the 1913 law enacted under the Democratic President Woodrow Wilson, which originally established the Federal Reserve.
Prior to the complete dissolution of the institution, managers would remain in place to ensure that employees of the Reserve are paid justly until it is abolished, and to manage its assets and debts until they are liquidated.
Abolishing the Federal Reserve has long been a dream of conservatives with more libertarian tendencies, such as Ron Paul, a former representative from Texas and presidential candidate, and his son current Sen. Rand Paul (R-Ky.).
Ron Paul introduced a similar bill for the first time in 1999, and other bills seeking to abolish the Reserve have since been introduced, but have failed to meet with success.
In his announcement of the bill, Massie explained that the Federal Reserve is, in large part, responsible for the skyrocketing inflation harming everyday Americans following the economically disastrous COVID lockdowns.
“During COVID, the Federal Reserve 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 Federal Reserve devalued the dollar and enabled free money policies that caused the high inflation we see today,” said Massie.
Massie argued that the Federal reserve has caused the inflation by monetizing the debt incurred by the U.S. government when it ordered the Federal Reserve to create trillions of dollars from nothing for use in things like COVID stimulus checks.
He said that the Federal Reserve, in conjunction with the White House, Treasury Department, big banks, and Wall Street, has taken actions meant to benefit the wealthy at the expense of everyday working Americans. He particularly highlighted the disastrous effects of the Federal Reserve caused inflation on retirees, whose lifetimes of savings are devalued drastically by inflation.
“Through this process, retirees see their savings evaporate due to the actions of a central bank pursuing inflationary policies that benefit the wealthy and connected,” said Massie.
Massie claims that abolishing the Federal Reserve is the best thing that Congress can do to stop the continuing rise of inflation.
It is, however, highly unlikely that Massie’s bill will pass into law, as it is unlikely to receive unanimous Republican support, and will be opposed by Democrats in both the house and the Democrat controlled Senate.
<span class="dsq-postid" data-dsqidentifier="28031 https://www.themainewire.com/?p=28031">5 Comments
I wish he was our Rep instead of the communists we have now.
‘George Washington Warned Against A “Passionate Attachment” To Israel‘
Stark Realities with Brian McGlinchey
13 May 2024
‘WASHINGTON’S FAREWELL ADDRESS TO THE PEOPLE OF THE UNITED STATES’
Senate . gov
19 Sep 1796
“Nothing is more essential than that permanent, inveterate antipathies against particular nations, and passionate attachments for others, should be excluded; and that, in place of them, just and amicable feelings towards all should be cultivated.”
“The nation which indulges towards another an habitual hatred or an habitual fondness is in some degree a slave. It is a slave to its animosity or to its affection, either of which is sufficient to lead it astray from its duty and its interest.”
“Sympathy for the favorite nation, facilitating the illusion of an imaginary common interest in cases where no real common interest exists, and infusing into one the enmities of the other, betrays the former into a participation in the quarrels and wars of the latter without adequate inducement or justification.”
“[Passionate attachment] leads also to concessions to the favorite nation of privileges denied to others, which is apt doubly to injure the nation making the concessions—by unnecessarily parting with what ought to have been retained—and by exciting jealousy, ill will, and a disposition to retaliate in the parties from whom equal privileges are withheld.“
“[A passionate attachment] gives to ambitious, corrupted or deluded citizens (who devote themselves to the favorite nation) facility to betray or sacrifice the interests of their own country without odium [disgust], sometimes even with popularity”
“Real patriots, who may resist the intrigues of the favorite [nation], are liable to become suspected and odious”
“Against the insidious wiles of foreign influence (I conjure you to believe me, fellow citizens) the jealousy of a free people ought to be constantly awake, since history and experience prove that foreign influence is one of the most baneful foes of republican government”
Esau, excellent posts. It’s my guess that most people don’t realize the extent of the jewish influence in and over our gov’t and the negative consequences that result from it. If one wants to learn more about that the Unz Review is a good place to go. Another good source is the documentary “Europa The Last Battle” if one wants to learn the historical background to the jewish influence of today.
…great idea, Massie! Too bad there are only a handful of like-minded patriots in the house that would go along with such a dramatic ploy. This country is screwed unless more people in Congress finally grow a hair, get off the government teat and do the right thing both morally and Constitutionally. (One can dream!)
The following is from a comment found in a Dr. Meryl Nass article on substack. Slightly modified for clarity.
“Wizard of Oz
In 1913, [“we”] created the Federal Reserve. This was such a common topic of discussion for the American people. “Should it be gold backed, should it be [silver backed]?” L Frank Baum authored a book called “The Wonderful Wizard of Oz”. That is an economic fairytale Oz.
Oz stands for ounce. You travel the “yellow brick road,” which was gold. Dorothy did it in silver slippers — which was changed by M G M to ruby slippers, to be more colorful on screen. And you had the wizard behind the curtain, the Emerald City — that was greenbacks – both with no power behind them.
The Wicked Witch of the East was the [banker]. The Munchkins were the common people. The Scarecrow was the farm community. The Tin Man was the manufacturing community. [The Cowardly Lion was William Jennings Bryan]. And then you had Toto who stood for the Teetotalers, [which was a large voting bloc in 1900].
[This Wizard of Oz is an economic allegory.]”
P.S
Wikipedia on the good witch of the north: L Frank Baum presented her as an extremely kind and gentle character who stood against the oppression and subjugation of people. Maybe she was the U.S constitution/amendments and the bill of rights!?