The Federal Reserve is KILLING The US Dollar And Mike Lee Wants to Stop It

Utah’s favorite senator is calling for an end to the federal reserve to rescue a United States economy that is on the ropes

The Federal Reserve was created in 1913 through an act of Congress. The institution has run its course. Mike Lee recently took to X to make the case for the complete abolishment of the Fed.

The Fed is in Cahoots With Government and Crony Capitalists

The Fed’s worst misstep is excessive money-printing in the aftermath of abandoning the gold standard. However, that is only one of the Fed’s sins. The Fed has gone to the extent of colluding with banks to defraud the American taxpaying public.

The Fed’s ties to crony capitalists killed Libra, also known as Diem. Created by Meta, Libra was created as a futuristic high-tech payment system tied to a stablecoin. The project was paired to the blockchain. Libra was the perfect solution to the problem of processing global payments at a significant scale.

Libra wasn’t announced to the public until important beltway regulators were notified of the solution. The Senate Banking Committee and House Financial Services Committee summoned Libra creators for testimony. Alterations were then mandated across the ensuing two years.

Fast forward to the spring of ’21 and Libra was ready for implementation. The project was to move forward under the guidance of the Federal Reserve Board of Governors. However, Janet Yellen, the Treasury Secretary at the time, demanded Fed Chair Jay Powell hit the brakes.

The motivation for blocking Libra’s use was that doing so would be political suicide. The Fed then worked in tandem with the top banks to eliminate the introduction of Libra.

The harsh truth is that the payment system was not quashed for regulatory purposes. Rather, the motivation for killing Libra was political. The Fed essentially captured the banks and intimidated them to refuse Libra’s implementation.

If the Fed weren’t in the way, there would be an expansive open money grid for the entirety of the world. Such a highly efficient system would transmit trillions of dollars each day.

Mike Lee Introduced “End the Fed” Legislation

Though a handful of federal lawmakers are willing to stick their necks out and criticize the Fed, Mike Lee is putting his money where his mouth is. The Utah Senator wrote the Federal Reserve Board Abolition Act.

Lee’s legislation would completely dissolve the Federal Reserve System’s Board of Governors. If Lee had his way, the entirety of the Federal Reserve Act would be repealed. It is that legislation that initially created the monstrosity we now refer to as the Fed.

Lee’s idea received solid support from Kentucky Republican Thomas Massie. However, the bill was not passed into law.

"The Federal Reserve has overstepped and repeatedly failed to achieve its mandate and become an economic manipulator that has directly contributed to the financial instability many Americans face today. This legislation aims to protect our economic future by dismantling a system that enables unchecked government spending, the monetization of federal debt that fuels it, and widespread economic disruption." – Mike Lee

In addition to repealing the 1913 Fed legislation, Lee’s proposed act would take things a step further. The legislation would also thwart all Federal Reserve banks to decentralize the banking system.

In other words, the United States would no longer have a central bank. It is this spirit of decentralization that made America great in the first place.

America Needs a new Monetary Policy

The Federal Reserve is empowered to engage in monetary policy. As an example, the Fed sets interest rates for money-lending. The Fed also controls the money supply.

"Americans are suffering under crippling inflation, and the Federal Reserve is to blame. During COVID, the Federal Reserve created trillions of dollars out of thin air and loaned it to the Treasury Department to enable unprecedented deficit spending. By monetizing the debt, the Federal Reserve devalued the dollar and enabled free money policies that caused the high inflation we see today." – Thomas Massie (R-KY)

Lee, Massie, and other free-thinking Republicans question why the Fed is empowered to influence the economy. From economic stimulation to measures for unemployment and managing inflation, the fed has a robust locus of control.

If Lee’s legislation eventually passes, the era of corrupt centralized finance will be over. Monetary policy would be shaped in a contributive manner via numerous regional and state banks.

Though the executive branch would undoubtedly have input in monetary policy, no single group would have total control.

It is in this spirit of decentralization that America will return to greatness.