Crypto Daily - US Congressman Thomas Massie has said that he was inspired by a Bitcoin-focused book, The Bitcoin Standard, to reintroduce a bill to abolish the Federal Reserve.
The bill has gathered support from many in the online Bitcoin community and even several Republican co-sponsors.
Bitcoin Book Inspires Bill
Massie stated that the book convinced him it was time to stand up to the current banking system, adding that it played a key role in the decision to reintroduce the bill. The book in question, The Bitcoin Standard, primarily focuses on money and anti-central banking. According to Massie, the first few chapters in the book talk about the idea of money before moving on to a discussion about Bitcoin. Massie stated that it was this foundational knowledge that allowed Massie to identify problems with the Federal Reserve’s operations.“JUST IN: Congressman Thomas Massie says reading the #Bitcoin Standard book inspired him to introduce a bill to end the Federal Reserve.”Massie found the book compelling as it discussed the US repealing the gold standard in 1971 and its subsequent impact. The book’s author, Saifedean Ammous, associates the transition to fiat with the emergence of several economic issues, such as high asset valuation and low household savings. According to Massie, this led him to reintroduce the “Federal Reserve Board Abolition Act.” Massie had stated in a press release in May,
“Americans are suffering under crippling inflation, and the Federal Reserve is to blame. 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.”
Bill Sees Growing Support
Massie has also tried to challenge the Federal Reserve and its policies in the past, co-sponsoring a similar bill in 2013. The original bill was introduced in 1999 by former Libertarian Congressman Ron Paul. However, it had little traction and only had two co-sponsors. Massie stated that many of the problems predicted in the original bill have come to pass, leading to people losing confidence in government institutions.Massie’s anti-Fed bill has seen considerable support, with over two dozen Republican co-sponsors. This increase in support indicates growing concerns about the Federal Reserve’s economic role. Massie’s claims that current policies are leading to the erosion of retirees’ savings have also struck a chord with many, while the bill’s emphasis on financial stability has appealed to a number of Massie’s colleagues.
The online Bitcoin community has also thrown its weight behind the bill, with Massie and Ammous also discussing their skepticism of the centralization of economic policies and management on social media. The discussion cited several influential economic figures, highlighting a shift among some to more decentralized financial systems such as Bitcoin. Massie added on X,
“Man, I may be the only one. Maybe I’ll get two or three co-sponsors, but I don’t care. This needs to be done. I got two dozen co-sponsors. The number of co-sponsors of the bill to end the Federal Reserve in 10 years has gone up 10X, which is remarkable.”In the bill, Massie argues that the Federal Reserve's policies benefit the wealthy, significantly increasing wealth inequality. The bill proposes the abolition of the Federal Reserve to address these problems and promote an equitable financial system.
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