US Congressman Thomas Massie from Kentucky has lately filed a invoice to remove the Federal Reserve based mostly on the e-book about Bitcoin. Impressed by the e-book The Bitcoin Customary by Saifedean Ammous, Massie is satisfied that it’s time to stand as much as the present central banking system. This invoice has obtained help from the web Bitcoin group and several other Republican co-sponsors.
Bitcoin E book Spurs Massie’s Fed Abolition Invoice
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 received from listening to Saifedean Ammous’s “The Bitcoin Customary” audiobook. The e-book focuses on cash and anti-central banking. Massie mentioned that the e-book’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.
In response to Massie, he discovered the e-book compelling as a result of it described america repealing the gold commonplace in 1971 and its results. Ammous associates the transition to fiat forex with the emergence of assorted 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 comparable issues concerning the results of the Consumed retirement funds and the enrichment of the prosperous.
Massie’s Anti-Fed Invoice Sees Elevated Assist
This isn’t the primary time Massie has tried difficult the Federal Reserve’s insurance policies. He co-sponsored an identical invoice in 2013 with the unique invoice launched in 1999 by former libertarian congressman Ron Paul. Nonetheless, that invoice attracted little help and has solely two co-sponsors. In response to Massie, the financial issues that Paul predicted, together with excessive inflation and overprinting of cash, have come to go, inflicting individuals 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 underneath present insurance policies resonates with many, and the invoice’s emphasis on monetary stability appeals to his colleagues.
The web Bitcoin group has proven sturdy help for Massie’s initiative. Massie and Ammous mentioned their skepticism in the direction of centralized financial administration on social media, citing influential economics professors. This trade highlights the ideological shift amongst some policymakers and economists in the direction of decentralized monetary techniques 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 different financial frameworks.
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