The Federal Reserve may be the central bank of the United States — but it’s a private corporation that actually has nothing to do with the federal government.
Not only is it a private corporation, but Thomas Massie believes it’s what’s causing America’s skyrocketing inflation.
“What they did during COVID is they created trillions of dollars out of thin air,” Massie explains to Glenn Beck. “Congress spent those trillions of dollars, but it’s the Fed that enables it and it’s the Fed that pulls it off.”
“The Fed acts like they’re the firefighters, but they are the arsonists,” he continues, adding, “The Fed starts out as the arsonist, then they come in and they do the firefighting by raising interest rates, and then they go in and bail out the couple of banks last year. So, they’re causing the problems that they come in and allegedly solve.”
While inflation impacts millions of Americans negatively, the Fed doesn’t care — because it’s only the rich who matter to them.
“They make sure that the rich people can survive through inflation. The poor people can’t, or even the middle class can’t,” Massie explains, telling Glenn that while the U.S. dollar is the world’s reserve currency, it may not be for long.
“No politician in any other country is going to take responsibility for their own fiscal madness. Everybody’s going to blame it on the United States because we were greedy, grotesque, and took on so much debt that we devalued the dollar, and it’s going to affect the entire world,” Glenn agrees.
This is why Massie believes it’s time to end the Federal Reserve.
“They’ve been asking me, ‘What if you get rid of the Fed? What do you replace it with?’ That’s like saying if you take out a tumor, what do you replace the tumor with,” he says, adding, “The serious answer is we go back to stable currency that the government can’t manipulate.”
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