Regulation
Bitcoin Book Spurs US Bill to Abolish Federal Reserve
US Congressman Thomas Massie from Kentucky has recently filed a bill to eliminate the Federal Reserve based on the book about Bitcoin. Inspired by the book The Bitcoin Standard by Saifedean Ammous, Massie is convinced that it is time to stand up to the current central banking system. This bill has received support from the online Bitcoin community and several Republican co-sponsors.
Bitcoin Book Spurs Massie’s Fed Abolition Bill
Thomas Massie’s latest bill to remove the Federal Reserve as an institution is informed by his new knowledge on money matters, which he got from listening to Saifedean Ammous’s “The Bitcoin Standard” audiobook. The book focuses on money and anti-central banking. Massie said that the book’s first few chapters introduce the idea of money and then move on to Bitcoin. This foundational knowledge enabled Massie to identify the problems with the Federal Reserve’s operations.
According to Massie, he found the book compelling because it described the United States repealing the gold standard in 1971 and its effects. Ammous associates the transition to fiat currency with the emergence of various economic issues, including low household savings and high asset valuation. These observations led Massie to reintroduce the “Federal Reserve Board Abolition Act,” echoing similar concerns about the effects of the Fed on retirement funds and the enrichment of the affluent.
Massie’s Anti-Fed Bill Sees Increased Support
This is not the first time Massie has tried challenging the Federal Reserve’s policies. He co-sponsored a similar bill in 2013 with the original bill introduced in 1999 by former libertarian congressman Ron Paul. However, that bill attracted little support and has only two co-sponsors. According to Massie, the economic problems that Paul predicted, including high inflation and overprinting of money, have come to pass, causing people to lose confidence in government institutions.
Surprisingly, Massie’s 2024 bill has garnered more support, with two dozen Republican co-sponsors. This increase in backing reflects growing concerns about the Federal Reserve’s economic role. Massie’s assertion that retirees’ savings are eroding under current policies resonates with many, and the bill’s emphasis on financial stability appeals to his colleagues.
The online Bitcoin community has shown strong support for Massie’s initiative. Massie and Ammous discussed their skepticism towards centralized economic management on social media, citing influential economics professors. This exchange highlights the ideological shift among some policymakers and economists towards decentralized financial systems like Bitcoin.
Massie’s bill argues that the Federal Reserve’s policies disproportionately benefit the wealthy, exacerbating economic inequality. Massie aims to address these disparities and promote a more equitable financial system by proposing the abolition of the Federal Reserve. His reliance on Bitcoin principles underscores a broader movement advocating alternative monetary frameworks.
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