Elon Musk Wants to End Federal Reserve Bank
11 Nov, 2024 ● Crypto people
Elon Musk seemed to endorse a push to abolish the Federal Reserve Bank in the United States after sharing a tweet from Utah Senator Mike Lee.
Lee had called for increased executive oversight over monetary policy and advocated for dismantling the central bank.
Lee criticized Federal Reserve Chair Jerome Powell’s recent statement that he would not step down from his position even if asked by incoming President Donald Trump, describing it as evidence of a system that has lost control.
He wrote on social media:
“The Executive Branch should be under the direction of the president. That’s how the Constitution was designed. The Federal Reserve is one of many examples of how we’ve deviated from the Constitution, in that regard. Yet another reason why we should end the Fed.”
Lee's stance on eliminating the Federal Reserve Banking System reflects a growing sentiment among "sound money" advocates and Bitcoin maximalists, who argue that centrally controlled fiat currencies are vulnerable to inflation and devaluation.
With the United States' national debt surpassing $35 trillion, Bitcoin is increasingly being viewed by lawmakers, individuals, and financial institutions as a hedge against the inflation caused by decades of money printing by the Federal Reserve.
Florida’s chief financial officer, Jimmy Patronis, who has responsibilities over the state's pension funds, is advocating for these funds to invest in Bitcoin to protect consumer purchasing power from a weakening US dollar.
In July 2024, Wyoming Senator Cynthia Lummis introduced the Bitcoin Strategic Reserve bill in the Senate, citing rising inflation and the resulting loss of purchasing power as key motivations for the legislation.
President-Elect Donald Trump, who will take office in January 2025, also hinted at the idea of a strategic Bitcoin “stockpile” during the Bitcoin 2024 conference in Nashville, Tennessee.
Following his keynote address at the event, Trump suggested the possibility of using Bitcoin to help pay off the national debt.
Sources:
https://cointelegraph.com/news/elon-musk-reposts-call-end-federal-reserve-bank
