Anti-gun nut and former Harvard student activist David Hogg put his foot in his mouth once again, this time with a foolhardy attempt to scold Republican Thomas Massie on his effort to end the Federal Reserve.
The Republican representative from Kentucky recently introduced the Federal Reserve Board Abolition Act (HR 8421) which would essentially “end the Fed,” as the congressman put it in his news release.
Not only would the bill abolish the Board of Governors of the Federal Reserve and the Federal Reserve banks, but it would also repeal the entire Federal Reserve Act of 1913 that launched the system.
I just introduced “End the Fed”
Title: Federal Reserve Board Abolition Act, HR 8421
Americans would be better off if the Federal Reserve did not exist. The Fed devalues our currency by monetizing the debt, causing inflation.https://t.co/JWSaCssAJB pic.twitter.com/z8IDQ139Yc
— Thomas Massie (@RepThomasMassie) May 16, 2024
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“Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” Massie explained. “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,” Massie added.
“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.”
Should the Federal Reserve be abolished?
Massie already has a long list of about 19 co-signers on the bill, as well, including Rep. Chip Roy of Texas, Florida’s Matt Gaetz, Marjorie Taylor Greene of Georgia, Paul Gosar of Arizona and Lauren Boebert of Colorado.
This bill was first introduced back in 1999 by Texas Republican Ron Paul, but has not been re-introduced since 2013.
Massie has also introduced the Federal Reserve Transparency Act of 2023 (HR24) to audit the Federal Reserve System, a measure also spearheaded by Rep. Paul back in 2009.
After Massie posted about his bill to social media platform X, leftist brat David Hogg decided to chime in with a profane slam on the congressman, posting “This is f***ing crazy. These people need to read a history book.”
But it wasn’t long before young Mr. Hogg, who became the darling of the left wing after the 2018 shooting at Marjory Stoneman Douglas High School, was on the business end of some schooling, as many jumped onto his X post with as much historical analysis of monetary policy as he would ever want — not that he really wanted it — and actual facts to go with his leftism.
One X user posted an interesting graphic that shows how the value of the dollar has steadily crashed since the Fed was created and the U.S. dollar was taken off the gold standard.
Which part of history do you want to talk about? pic.twitter.com/2fFgMMPxx8
— Being Libertarian (@beinlibertarian) May 17, 2024
Another useful graphic to enlighten us all shows the galloping path of inflation since the creation of the Federal Reserve.
The Federal Reserve is a private bank that makes money off the interest it loans out to you in the form of cash
It’s a purely self-serving institution
No chart illustrates just how destructive the Fed is better than this one looking at US inflation from 1790-2015 pic.twitter.com/7GOWHKqZfl
— Noble (@noble_x_x_) May 16, 2024
Yet another shows how the purchasing power of the U.S. dollar has collapsed since 1913, something we are feeling very keenly today.
I got your history book right here.
Our founders warned us about private bankers controlling the currency and we didn’t listen. pic.twitter.com/qEeaYj0sTg
— Magnus 𝕏 (@Magnus_Veritas) May 17, 2024
One jokester took a shot directly at the ill-informed Hogg.
It’s kind of mean, picking on a Harvard student like that, expecting them to know anything about history…. punching down…
— The Hanford Institute 🐶 (@ThiccInstitute) May 17, 2024
But one had what was probably the most salient point, asking, “Please, explain to us what history says we need the fed?”
That is probably the best question about Hogg’s attack on Massie. After all, the only thing this leftist did was call Massie stupid by claiming he never read a history book. But what he did not do is show evidence that his guffawing had any basis in fact. Someone needs to teach this Harvard man how to debate.
