Posted on 05/17/2024 8:56:17 AM PDT by Twotone
GOP Rep. Thomas Massie of Kentucky and more than a dozen other House Republicans are pushing a measure that targets the Federal Reserve System. The measure includes text that declares, "The Board of Governors of the Federal Reserve System and each Federal reserve bank are hereby abolished" and "the Federal Reserve Act is hereby repealed."
Massie announced the introduction of the measure on Thursday, the same day that the Dow Jones Industrial Average stock index surpassed 40,000 for the first time before ultimately giving up its gains and closing slightly down for the day.
'If we really want to reduce inflation, the most effective policy is to end the Federal Reserve.'
"Americans are suffering under crippling inflation, and the Federal Reserve is to blame," Massie said, according to a press release. "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," the congressman noted, according to the press release. "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."
According to the press release, original cosponsors on the measure include GOP Reps. Andy Biggs of Arizona, Lauren Boebert of Colorado, Josh Brecheen of Oklahoma, Tim Burchett of Tennessee, Eric Burlison of Missouri, Kat Cammack of Florida, Michael Cloud of Texas, Eli Crane of Arizona, Jeff Duncan of South Carolina, Matt Gaetz of Florida, Bob Good of Virginia, Paul Gosar of Arizona, Marjorie Taylor Greene of Georgia, Harriet Hageman of Wyoming, Ralph Norman of South Carolina, Scott Perry of Pennsylvania, Chip Roy of Texas, Keith Self of Texas, Victoria Spartz of Indiana, and Tom Tiffany of Wisconsin.
"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," the press release states.
Paul introduced the Federal Reserve Board Abolition Act numerous times, and in 2013, then-Rep. Paul Broun, a Georgia Republican, introduced the measure.
This would be nice to see. But even if the GOP wins the White House and a supermajority in Congress those weasels will not pass this.
Well good luck I suppose . It’s not going anywhere .
It’s either the federal reserve or Congress.
Who do YOU trust?
Neither. But we can’t go on with the Federal Reserve doing what it’s been doing.
More libertarian nonsense. The GOP seems intent on proving one of two things:
1) We cannot form a government or govern, but not to worry because government is bad anyway and you don’t need it unless you are a bum or a degenerate loser.
2) We are the responsible adults in the room, and just to prove how responsible we are, we will reach across the aisle to work with our friends from the other party, and will try as hard as we can to keep Bad Orange Man™ out of the White House.
D+60.
Yeah, sure. Make a few conservative proposals that they fully intend to go NOWHERE. This has become the standard operating procedure of Washington republicans, hasn’t it. Is anybody fooled by this? I would’ve settled for just blocking the funding for a new FBI headquarters, or better yet the 4 trillion in new Biden spending.
If nothing else, it should start discussions on what the Fed is doing, & maybe what can be done differently. Something has to change as these people really are wrecking our economy.
I’m no fan of The Fed. It’s a scam. But they weren’t the ones who racked up the 35 trillion in debt.
They are certainly part of the problem. They keep printing money instead of telling congress to knock it off.
agreed but...
1. this has been fought over since the beginning of the Republic, and
2. with today’s commieNazi leftist political hacks,
if no FedReserve existed the politicians would just have the US Govt, Treasury print the fake currency directly
Typical election year BS. Bring up something that a good chunk of your supporters would like to have happen, it OF COURSE fails, and you use the failure to stir up that portion of your supporters. “See! Those guys are bad. You need to re-elect us, and we’ll keep trying to get this done.” (Knowing that if they WERE to get the power to do it, it would never be seen again).
More campaign donation seeking with legislative suggestions the proponents know (1) will go no where at this time and (2) are a diversion from more immediate pritorties you do not hear them railing about - like hey, “lets repeal Biden’s giant domestic spending and borrowing binge”. Have not heard that once from Massie, and that is a giant more immediate priority.
The choice is binary.
Not necessarily. Have you read The Creature From Jekyll Island? There are ways to fix things. Something I watched the other day said that the current value of derivatives banks & others have “invested” in total $2 QUADRILLION. The total value of all assets on the planet is estimated to be $500 Trillion. What bankers & the various monetary control organizations like the Fed have done has set up the entire planet for a crisis. But it doesn’t have to be that way.
If you haven’t read the book, it’s well worth the time.
No chance of passing, just a headline grabbing stunt by Massie. Helps him get publicity and donations.
Don’t need a bill the Fed is clearly un-constitutional as is the fake money and coins they produce. Clearly we forgot that old document years ago and now are ruled by federal court rulings, like the one yesterday that said parents could not opt their children out of lgbtxyz curriculum. All your kids belong to us in action.
The Fed is doing what Congress and the Executive are forcing it to do. The economic ignorance of Massie and the nutcases who applaud him is absolutely breathtaking.
Does ANYBODY remember why the Fed was formed in the first place? Prior to 1913 the task of stabilizing the banking industry (and hence the currency) was undertaken by the only man who could, J. P. Morgan. By 1913 Morgan was at death's door, (he died in March) and the nation had to have some way to carry the burden.
Either the Congress coins the money, or the Federal Reserve.
It’s binary.
I'd much rather they read Henry Hazlett's "Economics in One Lesson".
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