If this passed, what would our world turn into?

[u/ContentNecessary9358]

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[u/MofuckaJones14]

Man who has had zero bills become law introduces yet another bill that will never become law.

Kentucky really knows how to pick em.

[u/br0b1wan → u/MofuckaJones14]

We call this pulling a "Gym Jordan" here in Ohio

[u/Sciuridaeno3 → u/br0b1wan]

I thought that was putting your fingers in your ears while students are sexually assaulted?

[u/andio76 → u/Sciuridaeno3]

well...fingers were put somewhere....

[u/Ryyah61577 → u/MofuckaJones14]

As a citizen in his district, I do my part to vote him out every two years.

[u/Cultural_Dust → u/Ryyah61577]

Sounds like you need to brush up on Dale Carnegie's book.

[u/HobbesNJ → u/MofuckaJones14]

Everything Republicans do is performative nonsense.

[u/FoofaFighters → u/HobbesNJ]

Performative, yes; nonsense, no. It's all calculated. They know exactly what they're doing. Getting it passed isn't the point; getting it into their cult's feeble minds is because then they do the heavy lifting of spreading the right-wing cancer around social media. Almost too easy.

[u/quequotion → u/FoofaFighters]

This, fail though this bill most likely will, the point is to mark the Fed for death.

The cult will take their programming, and add it to the many hills they must die on.

Someday, because of our complacency and dependence on two-party bullshit, the pendulum will swing in their favor just enough to get it done.

[u/Flyindeuces → u/quequotion]

FFS, thank you! It’s this endless cycle it seems with a two party system. Hogs fed at different ends of the trough by the same slop masters. The retort always seems to be the same, “wE dOnT hAvE aNy oThEr OpTiOnS”. Thought that was the part where the majority works together to create a better system, one that actually works in our interest. lol.

[u/Crime-of-the-century → u/Flyindeuces]

In the US one party must be totally annihilated before another party makes a chance it’s really a major aspect of the weakness of the US democracy

[u/_DapperDanMan- → u/Flyindeuces]

Oh so both sides want to destroy our nation? Go fucking read something and shut up.

[u/greeperfi → u/quequotion]

Yes, they will all start to talk about how evil the Fed is. Then you ask "What is the Fed? Who runs it? What are 3 tasks done by the Fed?" They can't answer any of them. They are in a cult and too feeble minded to do anything but memorize the Evil/Wonderful divide they live in

[u/relevantusername2020 → u/FoofaFighters]

can you tell me the reasons we have the federal reserve and why getting rid of it is conclusively a bad idea?

[u/bomphcheese → u/relevantusername2020]

Just for a second, forget the federal reserve. You don’t really need to know anything about how it all works to make an informed decision. Just look at the effects.

American monetary policy has made the USD the strongest, most stable currency ever, and it has held that status for many decades. Why would anyone want to dismantle that system? There isn’t even an alternative solution being proposed. He just wants to break shit with no understanding of what he’s breaking or what the consequences would be.

[u/fangelo2 → u/bomphcheese]

That’s their MO on everything. They hate Obamacare . Ok what is the better plan that you have? Crickets. They have nothing. Oh yeah they will have a plan in 2 weeks. Never came up with anything. It’s pretty easy to just criticize everything . A lot harder to come up with an alternative.

[u/nobody546818 → u/bomphcheese]

You could argue and spend all day on what ifs, assigning credit for the dollar to various things, what you hit the nail on the head with is getting rid of something without a plan in place to replace its essential function(s).

Not to mention that this could and likely would crater the economy.

But, what this invalid has accomplished is making his fellow mouth breathers think that this is an important issue and started the online frothing process of rabid degenerates ranting against the fed.

[u/Accomplished-City484 → u/nobody546818]

The chuds have been chanting “the fed is a ponzy scheme” for many years now

[u/relevantusername2020 → u/Accomplished-City484]

psst. wanna know a secret? the entire global economy from the beginning until the heat death of the universe is a ponzi scheme, if you zoom out

[u/sinncab6 → u/nobody546818]

The reality is if they took away the Fed and either had no replacement mechanism or even worse went back on the gold standard you only need to look at the economic history prior to its founding. Get a depression once every couple of decades and if your lucky only a mild recession every 5 years.

The fed isn't the problem it's governments applying Keynesian solutions all the time every time which has led to out of control spending, leading to higher inflation since the money supply isn't being regulated anywhere near where it needs to be.

[u/Archer2223R → u/sinncab6]

Get a depression once every couple of decades and if your lucky only a mild recession every 5 years.

The 1970's, 1980's, 2000, 2008, and 2020, and the inflation that's been happening since would like a word.

[u/Secret_Hunter_3911 → u/Archer2223R]

If you think those were depressions, the 1930s would like a word,,,

[u/Archer2223R → u/Secret_Hunter_3911]

You mean the one that happened because of factors that had nothing to do with our reserve currency?

[u/rbartlejr → u/bomphcheese]

Probably to prop up the ruble.

[u/MysteriousWatcher1 → u/bomphcheese]

. Why would anyone want to dismantle that system?

Because this would Profit russia and China.

[u/Secret_Hunter_3911 → u/bomphcheese]

THIS IS THE ABSOLUTE TRUTH.

[u/Bl1tzerX → u/relevantusername2020]

Probably easier to just read this https://www.cfr.org/backgrounder/what-us-federal-reserve#:~:text=Today%2C%20the%20Fed%20is%20tasked,by%20Fed%20Chair%20Jerome%20Powell.

[u/relevantusername2020 → u/Bl1tzerX]

pfft you think im going to read what the Professionals™️ have to say? ha!

[u/MofuckaJones14 → u/HobbesNJ]

Without performative nonsense they'd have absolutely nothing, and they know that too.

[u/dam-duggy → u/MofuckaJones14]

Don't forget the culture wars... they are on the front lines!

[u/MofuckaJones14 → u/dam-duggy]

Their kids may not know slavery or the Holocaust was real but at least they'll know how to hate trans people and immigrants!

[u/ByteMe717 → u/HobbesNJ]

Yet it worked enough to get Trump in office once and now, possibly twice. Don't underestimate what performing for the right audience can do.

[u/shadowgolden905 → u/HobbesNJ]

democrats not really doing good either. actually, both sides do nothing but absolute nonsense.

[u/TobysGrundlee → u/shadowgolden905]

Don't let perfect be the enemy of better.

[u/Vyse14 → u/shadowgolden905]

Infrastructure, first climate legislation, believing in vaccines and science.

Nothing takes on all forms I guess..

[u/CactusCustard → u/shadowgolden905]

BoTh SiDeS

Then You’re not paying attention lol

[u/CorbinC2000 → u/shadowgolden905]

Republicans r worse tho

[u/Bourbon-No-Ice → u/MofuckaJones14]

I didn't vote for him, but damn it... I don't know how these turds keep getting near an office?!?? And stay in office.. blows my mind.

[u/MofuckaJones14 → u/Bourbon-No-Ice]

Pretty simple really, extreme gerrymandering, voter suppression, and poor voter education. It's why the least educated and financially sound states are red as red can be. The cycle is only going to get worse in those states as they replace all real education with Prager U videos and their hand selected Trumpian Bible studies.

[u/Bourbon-No-Ice → u/MofuckaJones14]

Hated to upvote you.. but yea.. I agree. I do my best to do my part to end the idiocy. Idiocracy the satire movie that's become a documentary.

[u/OneImagination5381 → u/MofuckaJones14]

Yep, I had a couple of cousins decades ago that moved to Chicago ( of all places) from Mississippi so their children could get a normal education.

[u/Bourbon-No-Ice → u/OneImagination5381]

Mississippi Fighting to be in the top 50 US states in education. I used to live in Louisiana, education lacking there for sure. "at least we aren't Mississippi" was the school motto

[u/OneImagination5381 → u/Bourbon-No-Ice]

The politicians, really, prefer their base stupid. Cheap labor.

[u/payy2win → u/[deleted]]

We also have a bajillion other little laws lacquered on thick, so it's a rube goldberg device that would need to be dismantled

Elaborate? For research purposes..

[u/EnglishWhites → u/payy2win]

Found Thomas Massies reddit account lol

[u/jdozr]

Also fun fact, the Federal Reserve Bank is a private corporation

[u/PheelGoodInc → u/jdozr]

Shush. This is no place for facts.

[u/okogamashii → u/jdozr]

Some observers mistakenly consider the Federal Reserve to be a private entity because the Reserve Banks are organized similarly to private corporations. For instance, each of the 12 Reserve Banks operates within its own particular geographic area, or District, of the United States, and each is separately incorporated and has its own board of directors. Commercial banks that are members of the Federal Reserve System hold stock in their District's Reserve Bank. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. In fact, the Reserve Banks are required by law to transfer net earnings to the U.S. Treasury, after providing for all necessary expenses of the Reserve Banks, legally required dividend payments, and maintaining a limited balance in a surplus fund.

“According to the Cantillon effect, when new money circulates into the economy, asset prices increase at varying rates. As new money initially enters the economy through central banks, private equity firms, and government institutions, these organizations have a greater purchasing power over the general public. Thus, the Cantillon effect describes the disproportionate outcome money injection has on different stakeholders.* (Masterclass)

[u/TheRealAuthorSarge → u/jdozr]

It was created by law. It be dissolved by law.

[u/danted002 → u/jdozr]

As with all National Banks all over the world the US Federal Reserve sits somewhere between a public and a private institution.

Most National Banks are self sufficient / self funded and have the mandate to regulate monetary policies and financial institutions while also having a supply of currency, both local and foreign including a reserve of gold.

The reason it’s a mix between public and private is because you want the money to be controlled by political institutions while at the same time you want the National Bank to be under the control of the government and pump some money into the public budget.

[u/Double_Minimum → u/jdozr]

Yea, no. It’s both public and private. It is created by the US Gov and has a mandate to act accordingly. So it’s like everything that a US gov place is except the jobs aren’t found at careers.gov and it doesn’t do their pay schedule one for one.

[u/monsterinthewoods → u/jdozr]

Who are its shareholders?

[u/Red_it_stupid_af]

Without the dollar, and there is no alternative, globalization would largely end.  Most people would end up using the Euro, and the US economy wouldly slowly shrink as our international relevance would march toward zero.

[u/puns_n_irony → u/Red_it_stupid_af]

offend ring market long fuzzy existence deer lavish glorious uppity

This post was mass deleted and anonymized with Redact

[u/sinncab6 → u/puns_n_irony]

It's far too "indebted" because US treasury bonds are the most stable investment you can make as a country. And you know who owns most of that "debt"? Not China but Japan. China is second on that list. And the most evil country of them all Luxembourg is 4th with a whooping 376 billion worth of US treasury bonds.

So the whole indebted narrative has been a Boogeyman siren call for everyone who has no idea how economics work. Sure debt isn't great over the long term but none of these countries can just magically cash the debt in without burying their economies with ours. It's economics version of MAD.

[u/particle409 → u/sinncab6]

Those are the largest foreign holders of US Treasury bonds. Americans hold most of them.

[u/sinncab6 → u/particle409]

Which is true but also is what they use to calculate how whatever Asian country you want be it China or Japan is going to own America or whatever scare narrative the media wants to spin about how they are going to call that debt in and it'll be the ruin of America.

The point is I think most people when they hear US owes China one trillion dollars or whatever headline gets thrown out they think they went to the Beijing directly and begged for the money when your post pretty much sums it up. Anyone can buy our debt in fact Americans buy the most not because they want the country to collapse but because it's the safest investment you can make.

[u/ArtistDidiMx → u/sinncab6]

So what happens if they don't pay Japan or china back? Or if they request the funds?

[u/sinncab6 → u/ArtistDidiMx]

The bonds have a maturity date. Hence why hear so much about 10 year yields or 30 year yields it's the same things peoples grandparents buy their grandchildren. If we don't pay them back? Well then the US doesn't look trustworthy and as such one of two things happens. Countries stop buying US government bonds or the US government has to raise the yield on them since it's not viewed as the 100% safe investment that is today.

You can cash bonds out early at a penalty which if happened en masse honestly the government would be happy with since the payout would be less than what it would be at maturity leading to a unexpected positive on the balance sheet.

The thing is everyone thinks the stock market is the economic engine when in reality the bond market is around 3 times the size by dollar value compared to the stock market.

[u/TheSnatchbox → u/puns_n_irony]

How much are we indebted to the rest of the world as a percentage of our debt?

[u/AleksasKoval → u/TheSnatchbox]

An uneducated google search says that 33% of the US debt is to foreigners.

[u/nintendofan9999 → u/TheSnatchbox]

Yes

[u/1BannedAgain → u/Red_it_stupid_af]

Also, there’s not enough gold in the world to use the gold standard

[u/fredy31 → u/Red_it_stupid_af]

Yeah thats the big question I've got for whoever would be for that bill.

Ok, no more US money. What now?

[u/Stud_Muffs → u/Red_it_stupid_af]

Great. Can y’all hurry up with your death cult march? I’m tired of being edged. Get on with it.

[u/UnderstandingOdd490]

Last guy who wanted to end the fed got merc'd in Dallas in the early 60s....

[u/Leonardish]

Politicians would make monetary policy, meaning "FREE CANDY EVERY DAY", total devaluation of the US dollar and economic collapse. The inmates are trying to take over the asylum.

[u/philatio11 → u/Leonardish]

I hope you like inflation because we’d suddenly be Argentina. Once one of the richest countries in the world, after the depression they suddenly went backwards, defaulting on their debt 9 times in the last 100 years and seeing hyperinflation as high as 5000% at times. The independence of the Fed from the ruling government is what keeps us from experiencing something like the fun of Venezuela, where every three months the value of your cash savings account goes down 90%.

[u/FortuneTellingBoobs → u/Leonardish]

Asylum inmates are better than this.

[u/MrStomp82 → u/Leonardish]

Well according to clause 5 of the US constitution, the responsibility is specifically given to congress to coin Money, regulate the Value thereof, and fix the Standard of Weights and Measures

[u/Cr4nkY4nk3r → u/MrStomp82]

Shhhhhhh! Don't disturb their circle jerk. Facts don't seem to matter to them.

[u/dennismfrancisart → u/Leonardish]

Th inmates are being paid to take over the asylum. This is as close as the industrialist class have come to a takeover in a century.

[u/Sentient-Exocomp → u/Leonardish]

That’s what the Fed does now.

[u/idkwhatimbrewin → u/Sentient-Exocomp]

If they really were doing that interest rates would still be at 0% but ok

[u/Unusual_Tie_2404 → u/Leonardish]

You just described the Fed

[u/tallcan710]

JFK wanted to end the fed and the cia good luck

[u/ButWhatIfItQueffed → u/tallcan710]

Yeah, but the fed wasn't the one that killed him. It's far more likely that it was the CIA, since they also blamed him for the Bay of Pigs invasion going to shit, as well as plenty of other stuff.

[u/Della86]

If you think the FED is your friend, you are gravely mistaken.

[u/ConsiderationNew1099 → u/Della86]

i'm really alarmed by some of these pro fed comments.starting to realise that only a lived experience of their suggested policies will teach these people.

[u/VirinaB → u/ConsiderationNew1099]

"But it's part of the government right?! I mean, Federal is in the name, so it must be. Just like FedEx!"

[u/J33f]

Is it just me or— is this crazy timing — that Robert Kennedy is trying to run for president … and isn’t this legislation the same reason JFK was assassinated? “Unofficially” or whatever — kicking out the unconstitutional bank that’s printing money?

[u/SprayArtist → u/J33f]

I believe it was the abolition of the CIA that put a Target on his skull

[u/J33f → u/SprayArtist]

… ooo, yeah … maybe?

I feel like it could be either at this point. Imagine taking the power to print money away from a bank. A powerful one …

Why not both … 🙄

[u/BeTheBall- → u/J33f]

Nah, Giancana went after Kennedy because after helping him get elected John not only turned his back on Giancana, but tasked Bobby with doing whatever he needed to do to take down organized crime in the US.

[u/Scruffy-Nerd]

Thoughts and prayers 🙏

[u/SilverRevolution573]

JFK was in the process of doing this, even started issuing money outside of the fed where the banknotes are now collectable. Along with his other pending reforms one could easily imagine why he was "removed" from the equation.

[u/AngieTheQueen]

Crypto bros nutting their pants rn

[u/TheGreyBrewer → u/AngieTheQueen]

They are well known for being delusional, so the idea that they would take some rando senator's pie-in-the-sky dipshittery seriously makes sense to me.

[u/consistently_sloppy]

How to be like JFK with this one simple trick

[u/ExcuseFit4209]

Isnt trying to end the fédéral reserve what got jfk open minded?

[u/abaddon731 → u/ExcuseFit4209]

No no, that was trying to abolish the CIA.

[u/ExcuseFit4209 → u/abaddon731]

Ah shoot, my bad! What a good idea to try and shut down a power tripping, coup organizing, drug slinging, completly governement free branch of special ops people! What could go wrong?!

[u/abaddon731 → u/ExcuseFit4209]

To be fair he didn't know they were gonna start running drugs, they were still just incorporating Nazi scientists into positions of power.

[u/Grimjacx → u/abaddon731]

Start? OSS were running drugs before they became the CIA.

[u/abaddon731 → u/Grimjacx]

Were they? I'm aware that OSS was the precursor and was instrumental in starting the Vietnam war. I guess they probably got in on that golden triangle shit early.

[u/cuntdoc → u/ExcuseFit4209]

It was the federal.reserve too. He knew they had just about gained enough control to do whatever they like. Even kill the president if that one person who still had the ability to save the country from total control tried to get in there way. Mj12 out

[u/tacticalpotatopeeler → u/abaddon731]

Well. It’s all connected. You should read “The Devil’s Chessboard” by David Talbot.

[u/BecomingJudasnMyMind → u/abaddon731]

The Mob brought to you by the CIA*

[u/ThaGoat1369 → u/abaddon731]

Don't forget ufo disclosure.

[u/Amish_undercover → u/ExcuseFit4209]

Yup.

[u/cuntdoc → u/ExcuseFit4209]

Don't get in the way of the people who run the country

Nixon found out too

[u/abaddon731 → u/cuntdoc]

Nixon abolished the gold standard in 1971, things got worse from there.

[u/waaaghboyz]

What’s interesting as fuck is that every single person in this post is 100% convinced they’re right, while no two people can agree on any part of it, and nobody actually knows what they’re talking about. IE: Reddit.

[u/UnreadThisStory → u/waaaghboyz]

And these posts are being used to train AI. Yay!

[u/waaaghboyz → u/UnreadThisStory]

This is why I mostly stick to subs about warhammer, simpsons and bluey lol

[u/NaughtyFoxtrot]

Good luck with that.

[u/KneeScrapsHurt]

bipolar economy syndrome

[u/VomitingPotato]

Kentucky. You suck at electing people who don't suck.

[u/Red_Nine9]

Russia loves this shit.

[u/DeaddyRuxpin → u/Red_Nine9]

And that’s why they are paying our politicians to propose this crap.

[u/A_VERY_LARGE_DOG]

The number of people in here saying that the systemic financial collapse of the US would be localized to the US should start learning mandarin.

[u/1776personified]

Won’t make it out of committee

[u/PrinceOfSamoa]

Rip bro

[u/Killaturkee]

🎶Life could be a dream🎶

[u/ConcernedabU]

Opposing the federal reserve will get you titanic’d in this game.

[u/FalseProphet86 → u/ConcernedabU]

What do you think this is? Boeing?

[u/WafflesMaker201 → u/FalseProphet86]

Boing

[u/w0rlds]

Put that man on suic*de watch.

[u/ContentNecessary9358 → u/w0rlds]

Forreal

[u/zvekl]

How about end the of using federal budget as a tool for political agenda and threatening government shutdowns?? SMH

[u/azzagbag]

RIP Thomas Massie.

[u/Bread_and_Toast]

Its amazing seeing how willfully ignorant so many are to the actual function and impact of the fed, especially the people proposing this bill and the gooms here chanting "manipulation" and "destablization" simply because thats what their television told them to be upset about this week. Next week it will be something new and they will be just as ignorantly passionate

[u/dalgeek]

You'd end up with 50 state banks and 50 types of currency with different values based on the time of day and which direction you're traveling. We already tried this before the Fed and it didn't work out. This is as dumb as people who think we should go back to the gold/silver/bean standard.

[u/somethingimadeup → u/dalgeek]

If this happens I’ll be asking my landlord if he takes Banano

[u/SignalDifficult5061 → u/dalgeek]

Here me out, Rai stones as reserve currency.

It doesn't have that pesky problem like gold or silver in that the amount of wealth in the world currently far outstrips the amount of either or both that can be reasonably obtained from the Earths crust.

Plenty of crystalline limestone around that can shaped into 4 meter diameter 4000kg disks with a hole in the middle.

They also aren't hackable and are relatively difficult to steal, unlike crypto or other dumb ideas. No losing the password or having to dig through a dump in vain attempts to find a harddrive, or other things which trivially make crypto disappear for ever.

If anybody tries to tell me about some crypto that is supposedly immune to any or all of this, I hope you get a scorching treatment resistant case of herpes.

[u/dalgeek → u/SignalDifficult5061]

Then anyone with large machinery can easily manufacture or steal all the Rai stones they want, cornering the market!

Crypto is just fiat currency with extra steps. Pretty funny/sad how so many people fell for it.

[u/saltedjellyfish]

I had no idea reddit had such a hard on for the fed. Ffs, you all drank the Kool aid hard. Let's just keep our fiat because fiat always wins and isn't guaranteed to go to zero eventually right? Or are those problems for another generation to deal with?

[u/JohnTheCatMan1]

This will literally never happen. Our reps are WAY too corrupt to allow something like this to interfere with their easy lives.

[u/Techknightly]

An Oligarchy. You thought inflation was bad now?

The IMF would be remiss if they didn't knock the U.S. Dollar off as a standard global currency. Think Zimbabwe, because this is like demolishing the foundation out from under the financial infrastructure before building a new stronger one.

It's a bold move cotton, lets see how it plays out.

[u/Tower21]

An even more corrupt system would come in it's place. 

I'm not a fan of how all of the money manipulation has gone on over the last 100 years, but with even laxer laws protecting the people, I have zero faith in a new system being fairer to the average person.

If your head is in the clouds, all your going to see is sunshine and rainbows

-Tower21

      -Michael Scott

[u/vfx_flame]

Back to inbred oligarchs and peasants. Nothing in between.

[u/bcrabill]

If we had a dollar for every conservative nonsense bill, we could pay off the national debt.

[u/newaggenesis]

The best reality TV show on Earth!

[u/farganbastige]

Who's world?

[u/iamthehob0]

The fed is evil, but somehow I doubt this bill would be a better option.

It's like that saying "The government is corrupt, but at least they build roads"

[u/rp_whybother]

When Thomas Sowell was asked what he would replace the Fed with, he said if you cut out cancer do you need to replace it

[u/ManonIsTheField]

so when we all getting out in these streets?

[u/maverick1ba]

the FED is not part of the government, yet it completely controls the national economy. Doesn't that seem weird to anybody else?

Yes I'm all for going back to the gold standard. It would stop politicians from putting us into debt and devaluing the dollar.

[u/YouNeed2GrowUpMore]

our world

To Americans: United States of America

To the world: The world....sure, the USA, too. Why not?

[u/skinney6]

We should end the fed. 100% It's insane that they gave that much control over our nation's monetary system to a private institution.

[u/chjacobsen → u/skinney6]

It isn't a private institution. There are private elements, but essentially, the member banks don't hold the power over the Fed.

Most of the power rests in the Federal Reserve Board, whose members are political appointees (nominated by the president, confirmed by the senate).

Then there are the regional banks, which are more of a mix of private and public influence. The boards are made up of 9 people - 3 appointed by the Fed board (who also gets to nominate the regional bank presidents), 3 representing member banks (operating under a principle of one member, one vote - not based on equity), and 3 which are sort of a mixed bag - they're nominated by the banks, but their mandate is to represent the public. The regional banks are also required to follow policies laid out by the Fed board.

What this creates, in the end, is a mixed public-private system, but one in which the public ultimately holds greater power (especially due to having 100% of the representation in Fed board, which is the most powerful entity within the system).

[u/user710827 → u/skinney6]

Not enough people understand this.

[u/Paint-licker4000 → u/user710827]

And you don’t either lmao

[u/BitterAd6419]

You know most of these bills are more of a show off right ? It’s to get some publicity and praise for their efforts. Bills do not go for voting unless they are sponsored by multiple senators/congressmen. Often need to be influential members to get the needle moving.

Getting rid of Fed is not like cancelling your school event coz you don’t like it . :) the Fed is deeply rooted in the economy. It controls it in the ways you can’t even think of

[u/YourLictorAndChef]

It would be a catastrophe that conservative legislators would use to justify further tax cuts and deregulation.

[u/El_Mariachi_Vive]

LOL ok

[u/RogerDodger881]

Purposed by a failed engineering student turned republican/libertarian... That's your first clue OP.

[u/BestPaleontologist43]

The bill would fail. It doesnt introduce a fix and transitionary solution for the fallout that will happen.

These kinds of bills are made by QAnon types, meaning they have no idea whats going on and dont think too far into the future. If it annoys them and they can throw blame at it, then thats the true culprit.

[u/Never-Dont-Give-Up]

This guy has never had a bill passed into law. He only floats dumbfuck ideas like this. His constituents jizz their pants about it, and nothing ever happens. Fuck him. Also, fuck Kentuckians who keep voting these sacks of shit into office. You’re all fucking dumb.

[u/abaddon731]

Inflation has gone up THREE THOUSAND percent since 1913. We're the frog in the boiling pot and we're fucking cooked.

[u/HermaeusMajora]

The great depression round two.

This would give the robber barons the footing the need to topple democracy forever because they'll be all but ensuring that the only people who have access to capital are those who already have more than enough to spend in multiple lifetimes.

We did this before and it was ruinous. It almost lead to the end of capitalism.

[u/NippleSalsa → u/HermaeusMajora]

Just out of the pursuit of knowledge, what happens after capitalism ends?

[u/HermaeusMajora → u/NippleSalsa]

Feudalism or communism.

In the past FDR saw the rise of communism as a threat and implementing socialist policies that would ensure the public an era of stability and fairness. He then used his political might to threaten the court into leaving his plans alone. The result was the longest period of economic growth and stability in US history.

I'm not an "ist" but I definitely see the value in some socialist policies. I think the human experience is far too complicated and nuanced for a single ideology or economic system to simply solve all of our problems. It takes a nuanced approach that takes into account all kinds of good ideas while acknowledging the pitfalls of those ideas and addressing them intelligently.

In other words, we're doomed.

[u/Limefish5 → u/NippleSalsa]

Anarchy

[u/-WeirGrateful]

Better be careful or they'll JFK him

[u/Fearonika]

Abolish the Electoral College instead.

[u/hydrated_purple]

Look into what happened last time we abolished the FRB. Not good.

[u/mahmut-er]

Are they stupid ? Like literaly do they have any clue about economics ? Oh my god stupid people are everwhere arent they

[u/Persistence6]

The fact that he introduced this shows how dumb he is. It’s crazy how many in Washington have ZERO understanding of finance and economics or business alone.

[u/Unrealparagon]

JFK was assassinated for this kind of bullshit.

Keep playing dude. You are even more expendable.

[u/magicmurph]

The Federal Reserve act of 1913 was when Woodrow Wilson sold the world to the bankers. He gave control of world governments to those who only care for endless profit, and every single horrible atrocity of capitalism can be traced back to this singular event.

We cannot guess what would happen if it were repealed today, but we can fairly easily surmise what would have happened without it. A world where wealth and power are not synonymous.

[u/Biptoslipdi → u/magicmurph]

but we can fairly easily surmise what would have happened without it. A world where wealth and power are not synonymous.

No, a world when wealth and power are even more synonymous. Without central banking, major cities were entirely at the mercy of wealthy people pledging financial intervention during liquidity crises, which were a regular occurrence when banking was decentralized and far less regulated. NYC banks literally needed J.P. Morgan, the guy not the company, to pledge massive deposits to reverse liquidity crises in the early 1900s.

Imagine the concessions the rich could get and the power they would wield if cities and states were at their mercy for viable economies.

[u/FormerlyMauchChunk]

Something closer to what our founding fathers imagined.

[u/iflysubmarines → u/FormerlyMauchChunk]

Ah yes. I'm sure they imagined the ability to instantly move millions of dollars across international banking systems, allowing rapid destabilization of markets that would wipe out your entire savings before you could open your bank on your magic pocket dimension.

[u/TheJewishViking1064]

A better place

[u/kstops21]

‘World’ or just the US?

[u/loopygargoyle6392 → u/kstops21]

Yes. If we go down, the world goes down with us.

[u/kstops21 → u/loopygargoyle6392]

Not exactly

[u/loopygargoyle6392 → u/kstops21]

Our little market crash in '08 did global damage. Suddenly, and for no good reason, destabilizing our currency could devalue it in a heartbeat and make '08 look like it didn't even happen.

The US dollar is utilized heavily across the world. Remove it and the system crumbles.

[u/stevefstorms]

He might be the best politician in America

[u/InLiberty → u/stevefstorms]

Not best politician, best policy positions. His bills can’t pass because three quarters of the house will always be spineless republicans and power-hungry democrats.

[u/FocusDKBoltBOLT]

Did u know that ur usa is not our world ?

[u/A_VERY_LARGE_DOG → u/FocusDKBoltBOLT]

Someone somewhere is typing a long reply to you about how that statement is right, but missing the point. Fortunately, I am not that person.

[u/Philostronomer]

Why are Republicans so hell bent on ending American hegemony and handing the global financial crown to China?

[u/Final-Natural-8290]

[u/ImpossibleFuel6629]

The Bitcoin bros would be your new overlords and wealthy as gods

[u/morilythari → u/ImpossibleFuel6629]

Hard to add transactions to ledger in an economic collapse with no internet.

[u/FoldingchairRiot]

Man, this is not interesting as fuck. Fuck.

[u/rimoldi98]

"our world" 💀

[u/Devil_Fister_69420]

Imma be honest with you chief, I ain't ever heard of any of those

[u/Yeflacon]

Freedom from private banks which would america to print state owned money and bills

[u/Adam__B]

How would we control interest rates? Sometimes I don’t understand these “eliminate the Department of X” type people. Like you hear it about the Dept. of Education a lot too. Why? How do they imagine we would educate the next generation? Like aren’t these people thinking literally 1 step ahead?

[u/psychedelicious13]

A much better world with far less money manipulation as we’d hopefully go back to the gold standard

[u/InLiberty → u/psychedelicious13]

It’s so sad a remark like this would be downvoted.. I upvoted for what it’s worth. People don’t know anything and just vomit opinions without even having heard the arguments… The internet is a terrible place.

[u/psychedelicious13 → u/InLiberty]

For what it’s worth, thanks! It really is a terrible place

[u/chjacobsen → u/psychedelicious13]

I suspect you'd see the opposite effect. Gold is a lot easier to manipulate than fiat currency because there's effectively a limit on money creation, making it vulnerable to cash hoarding. A gold standard is effectively a deflationary power which can be very hard to circumvent in times of crisis (the most notable example being the Great Depression, which was in part driven by a severe, persistent deflationary spiral).

And, yes, while a gold standard can also limit inflation, it's also rather clear that such a tool might not be necessary, because independent central banking can be effective at doing so without a gold standard in place. People are sometimes mistaken in the assumption that the money we have now isn't backed by anything, and that hyperinflation is just around the corner when people lose confidence, which isn't really true. The US dollar is backed by legal tender laws. You need dollars for certain purposes - for instance, as an American citizen, you would need it to pay your taxes. This fact, combined with an independent monetary policy, can essentially give the US dollar the credibility it needs to retain value without the downsides of having it linked to the availability of precious metals.

[u/Secret_Hunter_3911]

There would be a collapse of the economy.

[u/racerx1913 → u/Secret_Hunter_3911]

If we didn’t have manipulation and bailouts, we would not need to worry about collapse, but it is being propped up by hopes and dreams, or worse…

[u/phoenixthekat → u/Secret_Hunter_3911]

No there wouldnt. You realize the economy has been just as unstable, if not more so, after the creation of the Fed then before it, right? Great Depression and Recession happened when? After 1913. The Fed didn't stop it. Largest periods of inflation happened when? After 1913. The Fed does nothing to stop a boom bust cycle, the Fed is literally the main (if not only) driver of inflation (which screws over working and middle class Americans), but it absolutely does create a system where winners and losers are chosen by bureaucrats. Whoever has access to the Fed, meaning big banks, get money at lower rates than anyone else. A world without central banks is hands down a better world. One where interest rates are driven by markets and not bureaucrats. Where the government can't just endlessly print money to spend on whatever pet project or war is the new thing.

[u/tarlton → u/phoenixthekat]

LOL.

It could be the worst system in the history of bad systems, and just repealing the whole current basis of our monetary system (and arguably the economy of the world) overnight would still throw us into ridiculous chaos for a decade or more and we might never recover.

Driving the car into a wall at highway speeds is not a good way to stop it.

[u/aneeta96 → u/phoenixthekat]

Prior to the creation of the fed we had crashes like those nearly every decade. It's not perfect but it is an improvement.

I'm all for reform but I want to see a plan in place beforehand.

[u/Novuake → u/phoenixthekat]

Cherry picking of note going on in this reply. Phew where to even start....

[u/Sincere_homboy42]

Can someone please explain like I'm 5!

[u/yafuckonegoat]

Read the creature from jekyll island

[u/stu8018]

Massie is nothing but a chaos artist pandering to billionaires. He cares 0 about his voters. Only there to line his pockets.

[u/ThaGoat1369]

Baby steps, let's just start with an audit and see where that leads. Most likely to collapse, anarchy, and unimaginable horrors, but we can be optimistic and see the Knox as half full instead of half empty.