[Regnum] The US Federal Reserve System (FRS), which performs the functions of the central bank, must be dissolved, as its activities have provoked high inflation in the country, said Republican Congressman from Kentucky Thomas Massie. His proposal was published on the website of the House of Representatives of Congress.
“During the COVID-19 pandemic, the Federal Reserve created trillions of dollars out of thin air and lent it to the Treasury Department to support unprecedented spending,” the politician said.
According to Massey, the Fed provoked the devaluation of the dollar, which led to high inflation. Because of this, the savings of retirees are worthless, and the rich profit from the monetization of debt. The congressman also accused the Fed, the Treasury Department and the White House of collusion.
Massie introduced a bill that would repeal the law establishing the Federal Reserve, in force since 1913. The co-authors of the project include 20 congressmen, all of them are members of the Republican Party.
As Regnum reported, the US Federal Bureau of Labor Statistics reported in June 2022 that inflation in the country reached 8.6%. This was a record since 1981. In 2023, inflation in the United States was reduced to 3.4%. Fed Chairman Jerome Powell said that it would be possible to reduce price growth to the target of 2% no earlier than 2024.
Washington Post columnist David Ignatius in April 2024, citing a report by the RAND Corporation think tank (included in the register of organizations whose activities are recognized as undesirable in the Russian Federation), said that the United States is approaching decline, from which it will be difficult to recover. He noted that the country is losing competitiveness, and respect for its power is decreasing in the world.