BREAKING: Thomas Massie: “I just introduced “End the Fed” – Title: Federal Reserve Board Abolition Act, HR 8421” – The Federal Reserve is Public Enemy Number One!
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Discover why Americans would be better off without the Federal Reserve. This in-depth analysis exposes how the Fed devalues our currency, causes inflation, and destabilizes our economy. Learn about the hidden costs of the Fed’s policies and explore the case for abolishing it to restore economic prosperity and fiscal discipline.
The Federal Reserve: The Silent Assassin of American Prosperity
The Federal Reserve, often revered as the guardian of America’s financial stability, has long been a subject of debate. However, a closer examination reveals a more sinister role: the devaluation of our currency and the erosion of our purchasing power. Imagine waking up one day to find that the dollars in your wallet have lost their value, not because of market forces, but due to the very institution that was meant to protect them.
This is not a dystopian fantasy but a reality that millions of Americans face. The Federal Reserve’s existence, far from being a boon, is a silent assassin of our economic prosperity.
The Fed’s Dark Role in Devaluing Our Currency
The Federal Reserve, since its inception in 1913, has wielded enormous influence over the American economy. It was established under the guise of stabilizing the economy, yet its actions often have the opposite effect. One of the Fed’s primary functions is to control the money supply. By monetizing the debt—that is, buying government securities with newly created money—it injects more dollars into the economy. This might seem like a harmless or even beneficial action, but it has dire consequences.
When the Fed increases the money supply, it leads to inflation. Inflation is the silent thief of our savings, the unseen tax on our earnings. It devalues the dollar, meaning that each dollar buys less than it did before. For the average American, this translates to higher prices for groceries, gas, housing, and virtually everything else.
The Fed’s policies have led to a situation where the purchasing power of the dollar has plummeted. Since the Fed’s creation, the dollar has lost over 96% of its value. This is not merely an economic statistic but a harsh reality for families struggling to make ends meet.
Inflation: The Hidden Tax
Inflation is often referred to as the hidden tax because it erodes the value of money without the need for legislation or visible taxation. Unlike taxes that are debated and voted upon, inflation silently eats away at our wealth. It is a regressive tax, hitting the poorest hardest. When prices rise, those with fixed incomes or low wages suffer the most. They find their limited funds buying fewer necessities, pushing them further into financial insecurity.
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The Federal Reserve’s policy of monetizing debt is a major driver of inflation. By purchasing government bonds with newly created money, the Fed increases the money supply, leading to higher prices. This is not an isolated occurrence but a systematic issue ingrained in the Fed’s operational framework. Every time the Fed engages in quantitative easing or other forms of monetary expansion, it sets the stage for future inflation.
The Illusion of Economic Stability
Proponents of the Federal Reserve argue that it provides economic stability and prevents financial crises. However, this is an illusion. The Fed’s actions often exacerbate economic cycles rather than smooth them out. By keeping interest rates artificially low, the Fed encourages excessive borrowing and risk-taking. This leads to asset bubbles in markets such as real estate and stocks. When these bubbles inevitably burst, they cause economic downturns and financial crises.
The 2008 financial crisis is a prime example of the Fed’s failure to provide stability. In the years leading up to the crisis, the Fed kept interest rates low, fueling a housing bubble. When the bubble burst, it led to the worst economic downturn since the Great Depression. Millions of Americans lost their homes, jobs, and savings. The Fed’s response to the crisis was to lower interest rates even further and engage in massive quantitative easing. This might have provided short-term relief, but it set the stage for future inflation and economic instability.
A History of Failure
The Federal Reserve’s history is riddled with failures. From the Great Depression to the stagflation of the 1970s to the 2008 financial crisis, the Fed has repeatedly failed to prevent economic downturns and has often made them worse. During the Great Depression, the Fed’s tight monetary policy exacerbated the economic contraction. In the 1970s, its inability to control inflation led to stagflation—a period of high inflation and high unemployment. And in 2008, its policies were a major factor in the housing bubble and subsequent financial collapse.
Each of these instances demonstrates that the Fed’s interventions often do more harm than good. Its attempts to manage the economy are akin to a doctor administering the wrong medication, resulting in worsened conditions rather than cures. The repeated failures of the Fed raise a crucial question: Why do we continue to trust an institution with such a dismal track record?
The Case for Abolishing the Fed
Given the Federal Reserve’s history of failures and its role in devaluing our currency, it is time to consider the radical but necessary step of abolishing it. Without the Fed, the money supply would be determined by the free market rather than a central authority. This would prevent the government from easily inflating the currency and would lead to more stable prices.
Abolishing the Fed would also eliminate the moral hazard created by its existence. Currently, banks and other financial institutions engage in risky behavior knowing that the Fed will bail them out if things go wrong. This encourages reckless behavior and leads to financial instability. Without the Fed, these institutions would be more cautious, leading to a more stable financial system.
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Furthermore, the absence of the Fed would force the government to exercise fiscal discipline. Without the ability to monetize the debt, the government would have to rely on taxes and borrowing from the private sector to finance its spending. This would impose a natural limit on government spending and prevent the kind of runaway deficits that lead to inflation.
The Path Forward
Abolishing the Federal Reserve is a radical idea, but it is not without precedent. Throughout history, many nations have functioned without a central bank, and some have even thrived. The United States itself did not have a central bank for much of its early history. During this period, the country experienced significant economic growth and stability.
The transition to a post-Fed economy would not be without challenges. It would require careful planning and a gradual approach to avoid economic disruption. However, the long-term benefits would far outweigh the short-term difficulties. A free-market monetary system would lead to more stable prices, greater financial responsibility, and a healthier economy.
The Federal Reserve as Public Enemy Number One
The Federal Reserve, far from being the savior of the American economy, is its silent assassin. By devaluing our currency and causing inflation, it erodes our purchasing power and undermines our economic stability. Its track record of failures demonstrates that it is not capable of managing the economy effectively. The time has come to consider the radical but necessary step of abolishing the Fed. Only then can we restore sound money, fiscal discipline, and true economic stability.
The case against the Federal Reserve is compelling. It is not merely an academic debate but a pressing issue that affects the daily lives of millions of Americans. The hidden tax of inflation, the illusion of stability, and the history of failures all point to the conclusion that Americans would be better off without the Fed. It is time to take bold action and reclaim our economic future.
Thomas Massie: “I just introduced “End the Fed”
Title: Federal Reserve Board Abolition Act, HR 8421″
Press Releases
Rep. Massie Introduces Federal Reserve Board Abolition Act to “End the Fed”
Washington, D.C.-, May 16, 2024
For Immediate Release
Contact: [email protected]
Contact #: 202-225-3465WASHINGTON, D.C.- Representative Thomas Massie (R-KY) announces the introduction of H.R. 8421, the Federal Reserve Board Abolition Act. Rep. Massie’s legislation abolishes the Board of Governors of the Federal Reserve and the Federal Reserve banks. It also repeals the Federal Reserve Act, the 1913 law that created the Federal Reserve System.
“Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” said Rep. Massie. “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.”
“Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street,” Rep. Massie continued. “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. If we really want to reduce inflation, the most effective policy is to end the Federal Reserve.”
The text of Rep. Massie’s H.R. 8421 is available at this link.
Original cosponsors of Rep. Massie’s legislation include Rep. Andy Biggs (R-AZ), Rep. Lauren Boebert (R-CO), Rep. Josh Brecheen (R-OK), Rep. Tim Burchett (R-TN), Rep. Eric Burlison (R-MO), Rep. Kat Cammack (R-FL), Rep. Michael Cloud (R-TX), Rep. Eli Crane (R-AZ), Rep. Jeff Duncan (R-SC), Rep. Matt Gaetz (R-FL), Rep. Bob Good (R-VA), Rep. Paul Gosar (R-AZ), Rep. Marjorie Taylor Greene (R-GA), Rep. Harriet Hageman (R-WY), Rep. Ralph Norman (R-SC), Rep. Scott Perry (R-PA), Rep. Chip Roy (R-TX), Rep. Keith Self (R-TX), Rep. Victoria Spartz (R-IN) and Rep. Tom Tiffany (R-WI).
The Federal Reserve Board Abolition Act was first introduced by former Representative Ron Paul (R-TX) in 1999 and hasn’t been reintroduced since 2013.
In addition to introducing this legislation to “End the Fed,” Rep. Massie has also introduced H.R. 24, the Federal Reserve Transparency Act of 2023to audit the Federal Reserve. H.R. 24 was originally introduced by former Representative Ron Paul (R-TX) in 2009.
I just introduced “End the Fed”
Title: Federal Reserve Board Abolition Act, HR 8421Americans would be better off if the Federal Reserve did not exist. The Fed devalues our currency by monetizing the debt, causing inflation.https://t.co/JWSaCssAJB pic.twitter.com/z8IDQ139Yc
— Thomas Massie (@RepThomasMassie) May 16, 2024
5 Comments
Quit BSing us and take it down.
Promises and dates. No action
You keep reprinting the same articles and pasting. Dates keep going by with nothing for the hard tax paying citizens.
EBS dates come n go and nothing.
You people are in Disney land.
Get a real job!!!!!
Also…THERE SHOULD BE NO INHERITANCE TAX!!!! This is OUTRIGHT GOVERMENT THEFT!!! And why do “We The People” have to pay TAX ON A HOUSE WE OWN??? TO BE TAXED IN A HOUSE I LIVE IN!!! MORE FUCKEN GOVERNMENT THEFT!!!!
The Federal Reserve…a privately owned printing press (CREATING MONEY OUT OF THIN AIR) for the top ten richest families in the World!!! The PRINTING OF MONEY ENSLAVES “We The People” & THEN WE HAVE TO PAY INTEREST ON IT!!! WHAT A FUCKEN SCAM!!!
Most of is know about the fed. Question is, when is everything going to be taken down. We keep hearing about all these things are going to be done and boom the end of this. But there’s nothing happening. The pendants need to stop giving dates because the dates always come and nothing happens.
Get real people, the Federal Reserve is already gone. You are just watching the movie highlights for the normies. The Treasury Dept. has already obsorbed the Reserve and it’s militant strong arm, the IRS. The IRS (of who will remain) are shifted to help in the sales tax collections when new goods are sold is all they will do.