FX168 Financial News Agency (Europe) News: Billionaire Elon Musk proposed to include American political figure Ron Paul in the Department of Government Efficiency (D.O.G.E.), who has long been against government overspending and actively advocates for abolishing the Federal Reserve. Director Clint Siegner of Money Metals Exchange stated that the keyword 'End the Fed' quickly gained popularity on Twitter, believing that this move aims to rescue the federal deficit of the United States.

In an article this week, Clint pointed out that Musk proposed to include Ron in the Department of Government Efficiency, which is part of President Trump's advisory committee, tasked with identifying waste, fraud, and abuse in the federal government and proposing recommendations for elimination.

(Source: GoldSeek)

Ron has always opposed government overspending, but perhaps most memorable is his efforts to abolish the Federal Reserve. 'End the Fed' was a signature topic for him during the presidential campaigns in 2008 and 2012.

Shortly after Musk publicly expressed interest in collaborating with Ron, 'End the Fed' quickly gained popularity on Twitter (now renamed X), suggesting that abolishing the central bank might be the most significant blow reformers could take in their efforts to restore limited government.

(Source: Twitter)

First, the Federal Reserve promotes unchecked expansion of government power.

Only when central banks can issue an unlimited amount of Federal Reserve notes, is it possible for tens of trillions of dollars of federal deficits to appear year after year.

Before the final restrictions imposed by the cancellation of the national gold standard in 1971, total US federal government spending slightly exceeded $195 billion, with government spending accounting for 18.8% of the national Gross Domestic Product (GDP).

This year, federal spending is estimated to be around $829 billion (adjusted to 1971 dollars). In real spending terms, the size of government has grown by more than three times, with the federal government now accounting for over 24% of the GDP.

Before the establishment of the Federal Reserve in 1913, federal spending accounted for less than 4% of GDP.

At the same time, national debt continues to grow exponentially, currently exceeding $36 trillion.

The Federal Reserve is also an important tool used by the elite class, who use the Federal Reserve to harm the interests of the poor and middle class in order to enrich themselves. The Federal Reserve and its legal tender dollar have been a nightmare for the bottom 90% of the US population. According to the Rand Corporation, over the past 50 years, this group has lost about $2.5 trillion annually to the elite class in the top 10% of the wealth ranking.

Clint mentioned that the Federal Reserve-supported bank rescue plan is just one way of wealth transfer. Taking the 2008 bailout plan as an example, the Federal Reserve purchased failed mortgage-backed securities and other toxic assets from distressed banks at $0.100 on the dollar with newly printed dollars. In general, the Troubled Asset Relief Program (TARP) of the Federal Reserve provided a $700 billion gift to the largest banks and their shareholders in the USA.

From a financial perspective, the Federal Reserve is a black box. For over a hundred years, the Federal Reserve has consistently refused any attempts to audit its books and hold it accountable for its actual expenditures, with officials only discussing the importance of the central bank maintaining 'independence.'

The Federal Reserve has also completely failed to fulfill its founding and publicly proclaimed mission. The dual responsibilities undertaken by the Federal Reserve at its inception include maintaining the value of the dollar and promoting full employment.

Since 1913, the US dollar under the Federal Reserve's purview has lost over 97% of its purchasing power. Furthermore, Federal Reserve officials dare to assert that the annual decline in the purchasing power of the dollar is a good thing for ordinary Americans, openly advocating for an 'objective' inflation rate of around 2%.

Rising prices in the United States have made it nearly impossible for many families to sustain their livelihood on a single income. Most of the income gaps are filled by welfare and other government assistance programs.

Since its establishment, the Federal Reserve has taken on a third responsibility as the primary regulatory agency for the US banking industry.

Clint mentioned that the true owners of the Federal Reserve, as the central bank, are actually the largest private banks in the USA, despite the majority of Americans believing that the central bank is owned by the federal government. Apart from Washington DC and Wall Street, the role of the Federal Reserve as the primary regulatory agency is not well known.

"Therefore, when many people learn that the Federal Reserve is responsible for enforcing the rules on its affiliated banks, they are surprised," he continued.

He pointed out that regardless of the crimes committed, large banks will not have their business licenses revoked. These crimes include money laundering for drug dealers and sex traffickers, market manipulation, and more.

Finally, he concluded: "Dissolving the Federal Reserve is a good thing for ordinary Americans, and I hope this movement can make a comeback."