Posted on 05/17/2024 3:29:45 AM PDT by C210N
Press Releases Rep. Massie Introduces Federal Reserve Board Abolition Act to "End the Fed"
Washington, D.C.-, May 16, 2024 For Immediate Release Contact: massie.press@mail.house.gov Contact #: 202-225-3465
WASHINGTON, 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 2023 to audit the Federal Reserve. H.R. 24 was originally introduced by former Representative Ron Paul (R-TX) in 2009
There is a debate about Wilson's role. I think it was as one of the many facilitators. Other key factors was the secret-at-the-time Jekyll Island meeting and the deaths (murders?) of banker opponents to the FED creation on the Titanic's fatal voyage.
This is outstanding. Get RID of THE FED and get the US out of the UN now!!!!
Does anyone know why the Fed was created in the first place? Anyone? Bueller?
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“GIVE me control of a nation’s money supply, and I care not who makes its laws.” So said Mayer Amschel Rothschild, founder of the Rothschild Banking Dynasty.
It also provides for the US taxpayer to bail out the nefarious activity of the bankers. Do not get me wrong, Congressional over-spending does not help. Alas, President’s can not spend money!!
Dig deeper. Add Panic of 1907 to your search string.
Inflation is a direct result of increasing the supply of fiat “money” in the system, which is what enables deficit spending. I think you have the causality reversed.
The vast majority of money is not created by government overspending.
It is created by banks having $100M in deposits and making $1B in loans against it. In such case, the money supply just went from $100M to $1.1B without a printing press or one penny spent by Congress. The Fed sets the interest rates creating artificial demand for loans (inflation of the money supply) rather than leaving market forces to determine them.
Nothing so nefarious. Your grade is an F.
And you get a C-.
When the FED is gone, so will the private corporation collection agency known as the IRS (also created around 1913). US out of UN, UN out of US.
Ditto's for NATO, imho. That'd get us out of Ukraine, and it's 40+ CIA-driven biolabs.
My favorite part of your reply is the part where you indicated what I got wrong.
It’s not federal and it has no reserves.
Yep, within a Banana Republic, which is no longer a republic, and doesn’t even produce bananas.
What did you get right?
End the Federal Reserve and don’t pay the debt we owe them as it was stolen by the elite in the first place.
Cowgirl needs a grade-school level course in macroeconomics. Defaulting on the Fed debt would utterly collapse the money supply, leading to a monumental depression; so bad that more than half the population would starve to death.
May I suggest "Economics in One Lesson" by Henry Hazlett?
https://www.amazon.com/Economics-One-Lesson-Shortest-Understand/dp/0517548232/ref=sr_1_1?dib=eyJ2IjoiMSJ9.vWEbPn3Sfimvi6b2JhetNozCeuGVBGKmmbOfRvpMgvxjXKxn1bterNqulQTkhy0hMfq1mFlB8IZ3uWofpSNMkIboWcTxE3TOZxWPiSKWfkpAEoTbl-aQJflztNhWDNKorCIqpjzZbdsDmlvK73exOqoPyTcPBZojeIezLO7S1XwHL_XZmmGl0ByYLFnjQx2YuNiQmp9KZMRrcvcTrjSN4twSCsiTx1zFu0Upt32di-k.izfsSsp7mFFk5GCIf3ebzD1TnhnCsEJtXADv2e7DAdY&dib_tag=se&keywords=Economics+in+one+lesson+hazlitt&qid=1715970121&sr=8-1
More than a few other FR posters would benefit also.
What you are doing is not how a conversation or debate or normal interaction works.
Someone said something and I provided the reasons I thought they were wrong.
Instead of providing the reasons you thought I was wrong, you just said “wrong” (C-).
When I pointed out (sarcastically) that you failed to mention what I got wrong, I was hoping that you would take that opportunity to do what normal people do when they challenge an idea.
Now you are asking me to restate what I already said? You are a weirdo.
I'm trying to make you think. But I'll give you the thumbnail explanation. There's nothing wrong with fractional reserve banking. It does not create inflation until the reserve ratio is reduced. As was done in 2020 to help out Biden's monstrous spending jag. Failing to do so could (probably would) have triggered a deflationary spiral. So you got partial credit for recognizing that fractional reserve banking exists, but got marked down for a limited understanding of how it works to control inflation/deflation.
(Central bankers are terrified of deflation. It can snowball very quickly, and as one Fed chairman once said "we don't know how to stop that". They learned that lesson in 1929.)
Buy and read the Hazlett book I just posted about.
There's nothing wrong with fractional reserve banking. It does not create inflation until the reserve ratio is reduced.
An increase in the supply of money creates inflation. Period.
New loans against a fraction of deposits creates money.
The supply of money is increased by artificially lowering the interest rates which artificially creates a higher demand for loans which creates more loans.....which creates an increase in money....which creates inflation.
Decreasing the reserve ratio will certainly cause a "jump" in supply (because more loans can be made) but it is definitely not needed to cause inflation. The last time before 2020 that it was lowered was 1992. Are you suggesting that there was no inflation between 1992 and 2020?
The reserve ratio was never lowered during that time and you said that lowering the reserve ratio was needed to cause inflation.
Regarding the difference between government spending creating inflation vs fractional reserve banking causing it...
Government deficits (loans to the government) increased the money supply by $1.6T last year.
Mortgage lending (loans to homebuyers) increased the money supply by about $2T.
Auto lending increased the money supply by about $500B
Commercial lending increased the money supply by about $300B
So, while it looks at first glance as if fractional reserve banking is at least 2X more responsible for inflation than government spending, one needs to consider that one of the primary lenders to the government (buyer of bonds) is the Federal Reserve. Without their assistance, the government wouldn't be able to borrow as much (create as much money).
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