Americans are suffering under crippling inflation, and the Federal Reserve is to blame. During COVID-19, 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. This process, a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street, has devastating consequences. Retirees see their savings evaporate due to the actions of a central bank pursuing inflationary policies that benefit the wealthy and well-connected. If we truly want to reduce inflation, the most effective policy is to end the Federal Reserve.

Kentucky Congressman Thomas Massie has introduced H.R. 8421, titled the Federal Reserve Board Abolition Act, which seeks to dismantle America’s central banking system. This bill aims to abolish the Board of Governors of the Federal Reserve and the Federal Reserve banks. It also calls for the repeal of the Federal Reserve Act, the improperly ratified 1913 law that founded the Federal Reserve System.

The profound damage caused by central bank money printing cannot be overstated. It pits savers against speculators, encouraging consumers to use debt to fund basic needs since their savings are constantly eroded by monetary debasement. Even though Americans’ nominal wages have increased, their real wages have declined as their dollars buy less. Without endless money printing, the welfare state and forever wars would no longer have financing, alleviating the financial burden on future generations who are currently saddled with unsustainable debt.

The inevitable endgame for these endless printing practices is a total dollar collapse. When that happens, the resulting economic implosion will create conditions for a tremendously violent and authoritarian society. Instead of calling for tax increases, we should call for an end to government programs and policies that benefit the rich and powerful. Programs like the Export-Import Bank, which subsidizes large corporations, health and safety regulations that cartelize markets while failing to protect consumers, and interventionist foreign policies that enrich the military-industrial complex while making the rest of us poorer and more vulnerable to terrorist attacks, must be reevaluated and ended.

Many Americans became aware of how the central bank tailors its policies to benefit financial elites following the 2008 meltdown and the Covid-19 Pandemic. Then, the US government, enabled by Fed money printing, bailed out large financial institutions while average Americans suffered with a small pitance, resulting in reducing Americans’ purchasing power.