Goodbye Old Dollars - Congressman Thomas Massie Proposes Eliminating the Fed | Lado Okhotnikov

Bill H.R. 8421, introduced by Thomas Massie, proposes abolishing the Federal Reserve and replacing old dollars with new ones. Learn about the implications for the economy and your wallet.

The American financial system could face dramatic changes in the near future if a bill proposed by Congressman Thomas Massie passes. This bill, known as H.R. 8421, or the  “Federal Reserve Board Abolition Act”, is aimed at dissolving the Board of Governors of the Federal Reserve System and closing its branches throughout the continental United States.

FEDERAL RESERVE SYSTEM (FRS), established on December 23, 1913, is also the central bank of the United States and has the authority to regulate the country's monetary policy. However, critics, including Thomas Massie, argue that the Fed's actions have contributed significantly to the current economic instability and high inflation.

Community support prompted Massey to introduce H.R. 8421, which sought to repeal the 1913 Act. Thomas and his supporters make several key arguments in favor of dissolving the Fed, one of which is responsibility for the significant inflation caused by the "empty" creation of money and the issuance of it to the Treasury.

The congressman criticizes the debt monetization policy, which involves coordinated efforts of the Fed, the Treasury Department and the White House. This, in his opinion, leads to improper distribution of resources and benefits only the rich and influential sections of society.

In addition, Massie and his supporters believe that the Fed is artificially manipulating the economy by distorting interest rates and concentrating economic power in the hands of a select few individuals.

These arguments resonate with many, including the famous economist Murray Rothbard, who in his book “What Has Government Done To Our Money?” argues that uncontrolled issuance of new dollars leads to inflation and misallocation of resources.

What the dissolution process will look like

Bill H.R. 8421 provides for a one-year dissolution period during which all Fed employees will receive compensation. During this time, the Director of the Office of Management and Budget will oversee the orderly liquidation of all assets of the Board and the Federal Reserve Banks.

However, this bill is not the first of its kind. Former Representative Ron Paul first introduced a similar bill in 1999, but it failed to gain enough support. Since then, the situation has changed, and dissatisfaction with the Fed's actions has reached unprecedented levels.

Some skeptics may argue that such radical proposals could lead to serious consequences for the proposers, recalling the fate of President John F. Kennedy, who also proposed ideas for central bank reform.

However, in today's environment, the Fed's power remains significant, and such discussions may indicate much more serious problems in the US economic system. Dissolution could result in the creation of new government dollars to replace the current Federal Reserve Note.

Anyone who held a dollar in their hands probably noticed the inscription: “Federal Reserve Note.” If the law goes into effect, the Federal Reserve will be abolished. This means that the "old" dollars will lose their value and new government dollars will be introduced. Holders of old banknotes will still have to fight to prove that they received them legally. 

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