🚨 END THE FED: US Congressman Exposes the Fed and Introduces a Bill to Abolish It
Summary
TLDRCongressman Thomas Massie has introduced the Federal Reserve Board Abolition Act (H.R. 8421), aiming to dismantle the Federal Reserve System, which he blames for devaluing the dollar and causing inflation. The bill seeks to repeal the Federal Reserve Act and liquidate the Board of Governors and Federal Reserve Banks, with assets returned to the Treasury and liabilities transferred to it. Massie argues that the central bank has led to wealth inequality and economic instability, echoing former Rep. Ron Paul's stance. The legislation has gained some Republican support but faces an uphill battle for broader acceptance.
Takeaways
- 🇺🇸 Thomas Massie, a Republican Congressman from Kentucky, has introduced a bill titled 'Federal Reserve Board Abolition Act' (Bill 8421).
- 📚 The bill aims to abolish the Board of Governors of the Federal Reserve and the Federal Reserve Banks, and repeal the Federal Reserve Act of 1913.
- 💡 Massie argues that Americans would be better off without the Federal Reserve, which he blames for devaluing the currency and causing inflation through debt monetization.
- 🔄 The bill was previously introduced by former Representative Ron Paul in 1999 and has not gained significant traction since 2013.
- 💸 Massie claims the Federal Reserve has enabled deficit spending by creating trillions of dollars and loaning it to the Treasury Department, leading to inflationary policies.
- 👴 Retirees are particularly affected by the central bank's policies as their savings are eroded due to inflation.
- 🏦 The process of monetizing debt is said to be a coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, big banks, and Wall Street.
- 📉 Massie has also introduced the 'Federal Reserve Transparency Act of 2023', which calls for an audit of the Federal Reserve.
- 📖 Former President Woodrow Wilson, who signed the Federal Reserve Act into law, allegedly expressed regret, stating he had 'unwittingly ruined' his country.
- 📋 The new bill proposes that all assets of the Federal Reserve be liquidated and funds returned to the Treasury, with liabilities becoming the responsibility of the Treasury.
- 🗳️ The Federal Reserve would be required to report directly to Congress on its progress in liquidation under the proposed legislation.
Q & A
Who introduced the Federal Reserve Board Abolition Act (H.R. 8421)?
-Thomas Massie, a Republican Congressman from Kentucky.
What is the official title of the bill introduced by Thomas Massie?
-The official title is the Federal Reserve Board Abolition Act.
What does Thomas Massie believe about the Federal Reserve's impact on Americans?
-Massie believes that Americans would be better off if the Federal Reserve did not exist, as it devalues the currency by monetizing the debt and causing inflation.
What does the Federal Reserve Board Abolition Act propose to do?
-The legislation proposes to abolish the Board of Governors of the Federal Reserve and the Federal Reserve Banks, and repeal the Federal Reserve Act, which created the Federal Reserve System in 1913.
Who first introduced a bill to abolish the Federal Reserve, and when was it introduced?
-Former Representative Ron Paul, a Republican from Texas, first introduced the Federal Reserve Board Abolition Act in 1999.
What is the connection between the Federal Reserve and inflation according to Thomas Massie?
-Massie argues that the Federal Reserve created trillions of dollars and loaned it to the Treasury Department, enabling unprecedented deficit spending by monetizing the debt, which devalued the dollar and caused high inflation.
What is the role of the Federal Reserve in monetizing debt as described in the script?
-The Federal Reserve monetizes debt in a coordinated effort with the White House, Treasury Department, Congress, big banks, and Wall Street, which Massie claims benefits the wealthy and connected at the expense of retirees and savings.
What is the Federal Reserve Transparency Act of 2023, and who introduced it?
-The Federal Reserve Transparency Act of 2023, introduced by Thomas Massie, calls for an audit of the Federal Reserve. It was originally introduced by former Representative Ron Paul in 2009.
What did former President Woodrow Wilson allegedly say about the Federal Reserve Act?
-Woodrow Wilson allegedly said that he was a 'most unhappy man' and that he had 'unwittingly ruined' his country by signing the Federal Reserve Act, leading to a system controlled by a small group of dominant men.
What are the key points of the new bill regarding the Federal Reserve?
-The new bill calls for the repeal of the Federal Reserve Act, liquidation of the Federal Reserve's assets, returning funds to the Treasury, transferring liabilities to the Treasury, and requiring the Federal Reserve to report directly to Congress on its liquidation progress.
What historical event is mentioned in the script that led to the creation of the Federal Reserve?
-The creation of the Federal Reserve is linked to the year 1913, when both the income tax and the Federal Reserve were established, leading to what Ron Paul describes as 'economic torture'.
What was the original name of the bill that became the Federal Reserve Act?
-The original name of the bill was the Aldridge bill, named after Senator Aldridge.
How did the bankers attempt to deceive the public and Congress regarding the Federal Reserve Act?
-Bankers deceived the public and Congress by screening and protesting against the bill in newspapers, claiming it would ruin banks, which led the public to support it unknowingly. They also fooled Congress by including clauses that limited their power, only to remove them after the bill was passed.
Outlines
📜 Federal Reserve Abolition Act Reintroduced
Republican Congressman Thomas Massie from Kentucky has introduced a bill titled the Federal Reserve Board Abolition Act (Bill 8421), which aims to abolish the Federal Reserve System. Massie argues that Americans would fare better without the Fed, which he claims devalues the currency through debt monetization and causes inflation. The legislation seeks to dissolve the Board of Governors and the Federal Reserve Banks, and repeal the Federal Reserve Act of 1913. This is not the first attempt to abolish the Fed, with former Representative Ron Paul introducing a similar bill in 1999. Massie points out the negative impacts of inflation on the American public, attributing the current economic issues to the Fed's creation of trillions of dollars and enabling deficit spending. He also mentions the coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, big banks, and Wall Street, which he believes benefits the wealthy at the expense of retirees and the middle class. Massie has also introduced the Federal Reserve Transparency Act of 2023, which calls for an audit of the Federal Reserve. The historical context provided by Paul suggests that the creation of the Fed in 1913 was a significant mistake that has led to economic distress and control by a small group of influential individuals.
🏛️ New Legislation to Repeal the Federal Reserve Act
The new legislation proposed by Congressman Thomas Massie calls for the repeal of the Federal Reserve Act, with all assets of the Federal Reserve to be liquidated and funds returned to the Treasury Secretary within one year of the bill's enactment. The bill stipulates that all liabilities, including retirement pensions, become the responsibility of the Treasury and are to be paid directly from the general fund. Additionally, the Federal Reserve is required to report to Congress on its progress towards self-liquidation. While the bill's success is uncertain, it reflects ongoing discussions about the role and impact of the Federal Reserve in the U.S. economy. The historical narrative suggests that the Federal Reserve Act was initially met with skepticism and was passed with deceptive tactics, leading to a small group gaining control over the American monetary system. The public and Congress were misled, and the consequences have been wealth inequality and economic instability, with the elite emerging wealthier after each economic downturn.
Mindmap
Keywords
💡Federal Reserve
💡Inflation
💡Monetizing Debt
💡Federal Reserve Board Abolition Act
💡Ron Paul
💡Central Bank
💡Debt
💡Wealth Inequality
💡Legislation
💡Liquidation
💡General Fund
Highlights
Thomas Massie, a Republican congressman from Kentucky, introduced the Federal Reserve Board Abolition Act (H.R. 8421).
The bill aims to abolish the Board of Governors of the Federal Reserve and the Federal Reserve Banks, as well as repeal the Federal Reserve Act of 1913.
The Federal Reserve Board Abolition Act was first introduced by former representative Ron Paul in 1999 and has not been reintroduced since 2013.
The bill did not gain momentum or bipartisan support, reflecting an unpopular opinion.
Massie argues that Americans suffer from inflation caused by the Federal Reserve's actions, such as monetizing debt.
The Federal Reserve created trillions of dollars and loaned it to the Treasury Department, enabling deficit spending and devaluing the dollar.
Monetizing debt is a coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, big banks, and Wall Street.
Retirees' savings are negatively impacted by the Federal Reserve's inflationary policies that allegedly benefit the wealthy and connected.
Massie suggests ending the Federal Reserve as the most effective policy to combat inflation.
The bill proposes that the Consumer Financial Protection Bureau (CFPB) should draw its funding directly from the Federal Reserve System.
The legislation has gained significant support from the Republican Party, with several representatives voicing their support.
Massie also introduced the Federal Reserve Transparency Act of 2023, which calls for an audit of the Federal Reserve.
Ron Paul's perspective on the Federal Reserve System suggests that its creation in 1913 led to economic issues, including income tax and inflation.
Woodrow Wilson, the president who signed the Federal Reserve Act, allegedly expressed regret, stating it led to control by a small group of dominant men.
The new bill calls for the Federal Reserve Act to be repealed and for assets to be liquidated and returned to the Treasury.
All liabilities, including retirement pensions, would become the liabilities of the Treasury and be paid from the general fund.
The Federal Reserve would be required to report directly to Congress on its progress in liquidation.
The bill's introduction is seen as an effort to spark conversation and address concerns about the Federal Reserve's role in the economy.
The historical context of the Federal Reserve's creation is discussed, including the alleged deception used to pass the bill in 1913.
Transcripts
hello and welcome back everyone thank
you for joining me Thomas Massie a
republican congressman from Kentucky
just introduced a new and the fat Bill
the official title is Federal Reserve
board abolition act bill 8421 in case
you're interested in looking it up and
doing your own research Congressman
Massie in his host on a said Americans
would be better off if the Federal
Reserve did not exist the FED D values
our currency by monetizing the debt
causing inflation the proposed
legislation abolishes the Board of
Governors of the Federal Reserve and the
Federal Reserve Banks it also repeals
the Federal Reserve Act that 1913 law
that actually created the Federal
Reserve System this is not the first
time that a bill to abolish the fat has
been introduced by the way you may know
this the Federal Reserve board abolition
Act was first introduced by former
representative Ron Paul a republican
from Texas in
1999 and it hasn't really been
reintroduced since 2013 so it is not too
surprising that the bill did not really
gain momentum it didn't really receive a
bipartisan support then no surprises
there this is not a popular opinion
Massie highlights Americans are
suffering under crippling inflation and
the Federal Reserve is to blame several
years ago the Federal Reserve created
trillions of dollars out of thire 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 that we see today monetizing
debt is a closely coordinated effort
between the White House Federal Reserve
Treasury Department Congress big Banks
and surprise surprise Wall Street
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 toed
inflation the most effective policy is
to end the Federal Reserve in addition
to that Thomas Massi brought up a very
interesting reason uh that encouraged
him to introduce this bill he says Scot
held 7 to1 given the
cfpb to draw its funding directly from
the Federal Reserve System therefore
allowing it to bypass the usual funding
mechanisms that are laid out in the
Appropriations Clause of the
Constitution the bill gained quite
significant support thus far from the
Republican Party reportedly Lauren bardt
uh margerie Taylor green chapoy Victoria
spars and many others voice their
support for this bill representative
Messi has also introduced the Federal
Reserve transparency Act of 2023 you may
recall and the ACT calls to audit the
Federal Reserve um it was was originally
introduced by former representative Ron
Paul back in 2009 Ron Paul by the way
summed up his perspective on the Federal
Reserve System and what's going on
behind the scenes in a post on X former
Twitter he says here 1913 is the year
that led to today's economic torture
both the income tax and the FED were
created that year the income tax made
everyone's earnings the property of the
government first first what the
government allows people to keep is then
relentlessly stolen by the fed's
inflation now woodro Wilson the
president who actually signed the
Federal Reserve Act into existence
allegedly said the following I'm a most
unhappy man I have unwittingly ruined my
country a great industrial nation is now
controlled by its system of credit where
we're no longer a government by free
opinion no longer a government by
conviction and the vote of the majority
but a government by the opinion and
duress of a small group of dominant men
very interesting and enlightening words
in my opinion let me know what you think
about this in the comments below as
always I would love to hear from you and
read your comments on what you have to
say but let's take a quick look at the
latest Bill itself I want to show you
the bill and and there are several key
points that I would like to highlight
today the bill is calling for the
Federal Reserve Act to be repealed
exactly one year after the enactment of
this act all assets of the board and the
Federal Reserve Banks would be
liquidated and funds returned to the
treasury secretary where they would be
deposited into the general fund of the
treasury I think you're going to really
like the next part here the bill is
calling for all liabilities retirement
pensions other types of liabilities to
become the liabilities of the treasury
and to be paid directly from the amounts
deposited into the general fund lastly
the new bill is requiring the FED to
report directly to Congress about its
progress on its own
liquidation so very interesting new
legislation in my opinion whether or not
it will gain support has yet to be seen
I would say that we're likely going to
see a very similar wider response to it
uh similar to what Ron Paul received
several years ago it is crystal clear
that this is likely an unpopular thing
to do an unpopular opinion uh not many
would be motivated to support it I would
imagine but it is definitely reassuring
to see these initiatives um actually
existing and these conversations taking
place on the Capitol Hill so I will
definitely keep you posted thank you for
watching thank you for joining me today
I appreciate your time make sure that
you give this video a thumbs up consider
sharing it and subscribe on Rumble and
on YouTube I would love to have you back
for my next one tomorrow and if you
enjoy reading find me on substack my
social platforms are linked in the
description below I'll see you in manyu
one tomorrow enjoy the rest of your day
take
care people knew what central banks were
and understood them very well everywhere
a central bank went there'll be wealth
inequality wild swings between economic
booms and busts and after each bust
those are the top of society
mysteriously came out richer while
everyone else got poorer Europe was the
running example of this at the
time the Federal Reserve was originally
drafted as the Aldridge bill but when it
came into Congress they recognized
Senator Aldridge's name and smelt a rat
the bankers needed better cover they
decided to send 2 millionaire friends to
carry the bill to Quil the suspicions of
Congress and renamed it the Federal
Reserve
Act next in a textbook lesson of Deceit
the bank is set out to fool the American
people through
disinformation in the newspapers of the
day the bankers screened and protested
against a new Federal Reserve bill it
would ruin the banks they exclaimed the
average person read the protesting
articles of the bankers and thought to
themselves if the bankers hate it it
must be good and then they ended up
unknowingly supporting a trojan horse
the bankers also fooled Congress by
putting Clauses in the bill that limited
their power only to remove them once the
bill was passed a double head fake of
the public and Congress was all it took
the bill was passed on December 23rd
1913 While most of Congress was out in
holiday and with that a small group had
complete Monopoly over the issuing and
creation of American money
[Music]
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