Public Fury Unleashed: Overwhelming Call to Abolish the Fed

On May 15, Thomas Massie, a Republican member of the United States House of Representatives, posted on X, inquiring whether he should introduce legislation to abolish the U.S. Federal Reserve. The poll garnered over 115,000 votes, with a significant 86% majority opting to “end the Fed.”

Rep. Thomas Massie Questions Introducing Bill to Abolish U.S. Central Bank

Thomas Massie, a Republican U.S. Representative from Kentucky, is widely recognized for his staunch advocacy of liberty and freedom. Known for opposing excessive government spending, he has consistently voted against every omnibus funding bill during his tenure in Congress. On Wednesday, Massie took to the social media platform X, where he posted a poll asking:

Should I introduce a bill to abolish the Federal Reserve?

The poll offered three options: “end the Fed,” “keep the Fed,” and “just show poll results.” The survey concluded on Thursday with over 115,000 votes. Of the respondents, 10.6% chose to simply view the results, a mere 2.8% voted to “keep the Fed,” while a commanding 86.6% favored “end the Fed.” The most favored option by the poll and the post’s comments was to abolish the U.S. central bank.

Massie is not the only U.S. politician to scrutinize the central bank, though most legislative efforts have focused on auditing rather than abolishing the Federal Reserve. Since the infamous ‘Money Trust’ gathering on Jekyll Island, the Fed’s inception has been contentious. Wright Patman, a Democrat from Texas, was among the earliest advocates for auditing the Fed, introducing 16 different bills from the 1950s to the 1970s aimed at auditing or ending its independence.

In 2009, Texas Republican Ron Paul introduced the “Audit the Fed” bill (H.R. 1207) during the 111th Congress, targeting the Fed’s monetary policy decisions and operations. He reintroduced this bill several times in subsequent Congresses. Following his father’s footsteps, Rand Paul has championed the legislation since his election to the Senate in 2010. Massie has also introduced Rand Paul’s “Audit the Fed” bill in the 114th Congress.

So why has the U.S. Federal Reserve been controversial since its creation in 1913? Advocates for auditing or abolishing the Fed argue that by controlling the money supply and engaging in monetary expansion, the Fed is the primary driver of inflation. This process devalues currency, diminishing the purchasing power of money held by individuals and effectively acting as a hidden tax on savings and income. Critics also contend that the Fed’s interventions, such as setting interest rates and manipulating the money supply, create artificial economic booms and busts.

Furthermore, the Fed is considered a “moral hazard” because it enables banks to engage in speculative and risky lending practices, knowing the Fed will intervene to prevent their failure. This has occurred multiple times during financial crises when the U.S. central bank provided bailouts to struggling banks. By interfering with natural economic cycles and engaging in inflationary practices, the U.S. central bank is accused of operating a Ponzi scheme and infringing upon individual property rights.

Many X users responded to Massie’s poll with enthusiasm, saying “LFG” and also advocating for abolishing the U.S. Internal Revenue Service (IRS). Some urged Massie to support bitcoin as a means to end the Fed. Pierre Rochard of Riot Platforms suggested:

Pass stablecoin legislation so that the private sector can hyperinflate the USD. Make bitcoin tax-free so that it competes on a level playing field against the USD. This enables a smooth self-abolition of the Federal Reserve.

This article originally appeared on Bitcoin.com