🚨 END THE FED: US Congressman Exposes the Fed and Introduces a Bill to Abolish It

Lena Petrova

18 May 202408:29

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

00:00

📜 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.

05:01

🏛️ 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

The Federal Reserve, often referred to as 'the Fed,' is the central banking system of the United States. It was established in 1913 to manage the country's monetary policy, regulate financial institutions, and maintain financial stability. In the video, the Federal Reserve is criticized for its role in causing inflation and devaluing the dollar through policies such as monetizing debt.

💡Inflation

Inflation refers to the rate at which the general level of prices for goods and services is rising, and subsequently, the purchasing power of currency is falling. The video discusses how the Federal Reserve's actions, such as creating money and loaning it to the Treasury, have led to high inflation, negatively impacting Americans, particularly retirees, by eroding the value of their savings.

💡Monetizing Debt

Monetizing debt is the process by which a government or its central bank creates new money to pay off its debt. In the context of the video, it is suggested that the Federal Reserve has been monetizing the national debt, leading to inflation and a devaluation of the dollar, which benefits the wealthy and connected at the expense of the general population.

💡Federal Reserve Board Abolition Act

The Federal Reserve Board Abolition Act is a legislative proposal introduced by Congressman Thomas Massie, aiming to abolish the Board of Governors of the Federal Reserve and the Federal Reserve Banks. The video explains that this act seeks to repeal the Federal Reserve Act of 1913, which created the Federal Reserve System, and return the management of the country's monetary policy to the Treasury Department.

💡Ron Paul

Ron Paul is a former Republican Congressman from Texas who has been a vocal critic of the Federal Reserve. He introduced the first Federal Reserve Board Abolition Act in 1999 and also proposed the Federal Reserve Transparency Act, which calls for an audit of the Federal Reserve. His perspective is cited in the video as a historical context for the current bill introduced by Thomas Massie.

💡Central Bank

A central bank is an institution that manages a country's monetary policy and supplies the nation's money and banking system. The video script implies that wherever a central bank exists, it often leads to wealth inequality and economic instability. The Federal Reserve is used as an example of such an institution, with the video suggesting that its policies have contributed to economic disparities.

💡Debt

Debt in the context of the video refers to the financial obligations that the U.S. government has incurred. The Federal Reserve is accused of enabling deficit spending by the Treasury Department through its policy of monetizing debt, which has led to an increase in the national debt and subsequent inflation.

💡Wealth Inequality

Wealth inequality refers to the uneven distribution of assets among different social classes or individuals within a society. The video suggests that the policies of the Federal Reserve have exacerbated wealth inequality by benefiting the wealthy and well-connected at the expense of the broader population.

💡Legislation

Legislation in this context refers to the process of making or enacting laws. The video discusses two specific legislative actions: the Federal Reserve Board Abolition Act and the Federal Reserve Transparency Act. These legislative efforts aim to change the structure and operations of the Federal Reserve System.

💡Liquidation

Liquidation, in the context of the video, refers to the process of dissolving the Federal Reserve and converting its assets into cash. The proposed legislation calls for the liquidation of all assets of the Federal Reserve Board and the Federal Reserve Banks one year after the enactment of the act, with the funds being returned to the Treasury.

💡General Fund

The general fund is a term used to describe the main operating fund of a government, which includes all revenues not earmarked for specific purposes. In the video, it is mentioned that the funds from the liquidation of the Federal Reserve would be deposited into the general fund of the Treasury.

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.