On 16 May 2024 in Washington DC a US senator introduced the...

On 16 May 2024 in Washington DC a US senator introduced the Federal Reserve Board Abolition Act, legislation the would dissolve the Board of Governers of the Federal Reserve system and the Federal Reserve banks. "End the Fed."

"Americans are suffering under crippling inflation, and the Federal Reserve is to blame," said Rep. Massie. "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."

"Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street," Rep. Massie continued. "Through this process, retirees see their savings evaporate due to the actions of a central bank pursuing inflationary policies that benefit the wealthy and connected. If we really want to reduce inflation, the most effective policy is to end the Federal Reserve.

The RBA and the Federal Government has done and is doing the same in a scaled down version of the US Federal system which is blowing out debt levels and causing massive inflation due to reckless Government spending. The RBA is now trapped in this cycle and it should be abolished now or Australia will see over the coming years, unthinkable levels of debt and inflation that will drastically impact all Australians.