{"id":51982,"date":"2024-11-11T01:43:00","date_gmt":"2024-11-11T01:43:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/elon-musk-reposts-call-end-federal-reserve-bank"},"modified":"2024-11-11T04:33:19","modified_gmt":"2024-11-11T04:33:19","slug":"elon-musk-reposts-call-to-end-the-federal-reserve-bank","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51982","title":{"rendered":"Elon Musk reposts call to end the Federal Reserve Bank\u00a0"},"content":{"rendered":"

<\/p>\n

Elon Musk appeared to support a call to end the Federal Reserve Bank in the United States after reposting a tweet from Utah Senator Mike Lee \u2014 who called for greater executive oversight over monetary policy and abolishing the central bank.<\/p>\n

Lee argued that Federal Reserve chairman Jerome Powell\u2019s recent assertion that he would not resign from his post, even if asked to by incoming President Donald Trump represented an out-of-control system. Lee wrote via his social media account:<\/p>\n

\u201cThe Executive Branch should be under the direction of the president. That\u2019s how the Constitution was designed. The Federal Reserve is one of many examples of how we\u2019ve deviated from the Constitution, in that regard. Yet another reason why we should end the Fed.\u201d<\/p><\/blockquote>\n

Lee’s call to abolish the Federal Reserve Banking System in the United States represents a growing sentiment among sound money advocates and Bitcoin (BTC) maximalists \u2014 who argue that centrally managed fiat currencies are prone to monetary inflation and currency devaluation.<\/p>\n

\"Federal
Source: <\/em>Elon Musk<\/em><\/p>\n<\/figcaption><\/figure>\n

Related: <\/strong><\/em>How the US Fed thinks a Bitcoin ban could preserve deficit spending<\/strong><\/em><\/p>\n

Bitcoin has a hedge against currency inflation<\/h2>\n

As the national debt in the United States tops $35 trillion, Bitcoin has been increasingly praised by lawmakers, individuals, and financial institutions as a hedge against the currency inflation caused by decades of money printing from the Federal Reserve.<\/p>\n

Jimmy Patronis, Florida\u2019s chief financial officer, and one of the officials responsible for overseeing the state\u2019s pension funds, is pushing for the state’s pension funds to invest in BTC to protect consumer purchasing power from a rapidly depreciating US dollar.<\/p>\n

\"Federal
Current US national debt. Source: <\/em>US Debt Clock<\/em><\/p>\n<\/figcaption><\/figure>\n

In July 2024, Wyoming Senator Cynthia Lummis introduced the Bitcoin Strategic Reserve bill in the Senate. Lummis specifically cited rising inflation and the corresponding loss in purchasing power as the main impetus for the bill.<\/p>\n

President-Elect Donald Trump, who will assume office in January 2025, also teased a strategic Bitcoin ‘stockpile’ at the Bitcoin 2024 conference in Nashville Tennessee. Shortly after Trump’s keynote address at the conference, the incoming President hinted at using Bitcoin to pay the national debt.<\/p>\n

Magazine: <\/strong><\/em>Elon Musk is worth 100K followers: Yat Siu, X Hall of Flame<\/strong><\/em><\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Elon Musk appeared to support a call to end the Federal Reserve Bank in the United States after reposting a tweet from Utah Senator Mike Lee \u2014 who called for greater executive oversight over monetary … Elon Musk reposts call to end the Federal Reserve Bank\u00a0<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51983,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3812,6430,5652,7012,7010,7013,10,159,97,7011],"class_list":["post-51982","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-cryptonews","tag-elonmusk","tag-emilynews","tag-endfed","tag-fed","tag-fedend","tag-hyip","tag-hyipnews","tag-hyips","tag-usafed","exalt-entry"],"yoast_head":"\nElon Musk reposts call to end the Federal Reserve Bank\u00a0 - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51982\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elon Musk reposts call to end the Federal Reserve Bank\u00a0 - 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