Based on the Bitcoin book, US Congressman Thomas Massie of Kentucky recently introduced a measure to abolish the Federal Reserve. Motivated by Saifedean Ammous’s book The Bitcoin Standard, Massie is certain it’s time to challenge the existing central banking structure. The online Bitcoin community and several Republican co-sponsors have endorsed this bill.
Book Spurs for Bitcoin: The Fed Abolition Bill by Massie
Thomas Massie’s most recent bill, which aims to abolish the Federal Reserve, is motivated by his increased understanding of financial topics due to listening to Saifedean Ammous’s audiobook “The Bitcoin Standard.” Anti-central banking and money are the main topics of the book. According to Massie, the book introduces the concept of money before delving into Bitcoin. Massie recognized the issues with the Federal Reserve’s functioning thanks to this fundamental knowledge.
Massie claimed that the book’s description of the United States’ 1971 abandonment of the gold standard and its consequences made it so intriguing. Ammous links the shift to fiat money to the rise of several economic problems, such as excessive asset valuation and low household savings. Following up on similar worries about the Fed’s influence over retirement accounts and the enrichment of the wealthy, Massie reintroduced the “Federal Reserve Board Abolition Act” in response to these observations.
Support for Massie’s Anti-Fed Bill Has Increased
Massie has attempted to criticize the Federal Reserve’s practices previously. In 1999, former libertarian congressman Ron Paul introduced the initial measure he co-sponsored in 2013. That bill only has two co-sponsors and received minimal support. Massie claims that the economic issues Paul foresaw—such as excessive money printing and high inflation—have materialized and are to blame for the public’s declining trust in governmental institutions.
Massie’s 2024 plan has gained more traction, already having twenty Republican co-sponsors. This increase in support reflects growing apprehensions regarding the Federal Reserve’s economic role. Many people agree with Massie that present practices are undermining seniors’ assets, and his colleagues find the bill’s emphasis on financial security appealing.
Massie’s idea has garnered tremendous support from the Bitcoin community on the internet. Massie and Ammous expressed their doubts about centralized economic control on social media and cited well-known economists in their arguments. This conversation demonstrates how some economists and policymakers are shifting their beliefs to support decentralized financial systems like Bitcoin.
According to Massie’s bill, economic disparity is made worse by Federal Reserve actions that disproportionately benefit the wealthy. Massie suggests abolishing the Federal Reserve to rectify these inequalities and advance a more just financial system. His adherence to the tenets of Bitcoin highlights a larger movement in favor of alternative monetary systems.
