- Rep. Thomas Massie reintroduces a bill to abolish the Federal Reserve, inspired by insights from a Bitcoin book, aiming to overhaul the US monetary system.
- ‘The Bitcoin Standard’ audiobook influences Massie to propose legislation that questions the current financial system and suggests Bitcoin’s superiority due to its limited supply.
- Massie’s bill gains unexpected support, reflecting a decade-long shift in perspective towards the Federal Reserve and its monetary policies.
Representative Thomas Massie has once again presented a bill with the goal of eliminating the Federal Reserve, inspired by an influential Bitcoin book. Titled the “Federal Reserve Board Abolition Act,” this legislation represents the first effort in ten years to disband the country’s central bank.
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Introduced in May, the bill is undergoing early stages of evaluation in the House. In a June 13 podcast with Tom Woods, Massie disclosed that the proposal has received more backing than he originally anticipated over the last decade.
The Bitcoin Standard
Massie credits his decision to reintroduce this contentious bill to his experience with Saifedean Ammous’ audiobook ‘The Bitcoin Standard’. He points out that the book’s initial chapters delve into the global monetary system and its mechanics.
He emphasized that the discussion on Bitcoin only begins after an extensive exploration of the concept of money, posing the fundamental question, “What is money?” According to Massie, Ammous establishes a foundational understanding of money before delving into Bitcoin, as one cannot presume universal financial literacy.
Published in 2018, ‘The Bitcoin Standard’ posits that Bitcoin’s inherent monetary qualities surpass those of traditional fiat currencies, especially due to its finite limit of 21 million coins. Ammous links several societal and economic problems, like dwindling household savings and surging asset values, to the US’s departure from the gold standard in 1971.
This event is often viewed as the inception of the “fiat deception,” enabling central banks to create money without restraint. Massie’s legislation resonates with these points, asserting that the Federal Reserve’s actions favor the affluent at the expense of the savings of the elderly.
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