FX168 Financial News (Asia-Pacific) reported that as Donald Trump prepares to take office as President of the USA on January 20, 2025, billionaire Elon Musk wrote on Twitter about improving the efficiency of the Federal Reserve, emphasizing that the staffing at the Federal Reserve is excessively bloated. Political figure Ron Paul called for independence from the Federal Reserve, and Musk expressed agreement.

"The Federal Reserve has a severe overstaffing issue," Musk wrote on Twitter on Monday (December 24).

(Source: Twitter)

The Mises Institute recently reported that approximately 23,000 people work at the Federal Reserve Board and the 12 regional reserve banks in the USA.

"But that's not all. Financial statements show that the expenses and currency costs of the Federal Reserve Board amount to $2 billion. If this includes salaries, then the total salary and pension costs of the Federal Reserve will approach $7 billion," said Mises.

"Dividing this figure by 23,000 people, each employee costs about $304,000."

Musk and Vivek Ramaswamy are tasked with streamlining the operation of the federal government through the Department of Government Efficiency (DOGE). The department aims to create a more streamlined and efficient government, including cutting $2 trillion in spending.

The wish list for potential efficiency continues to grow - ever since the first day, there has been a set of "very bold plans."

A few days before the USA presidential election, Ron asked on Twitter if he could join the government efficiency department during Trump's second term.

Musk responded, "It would be great if Ron could be a part of the government efficiency department."

Last week, Ron wrote on Twitter, "We should rid ourselves of dependence on the Federal Reserve, just like we rid ourselves of dependence on mainstream media."

Musk responded, "Yes, long live Ron."

(Source: Twitter)

The well-known financial blog ZeroHedge reported, don't forget that the 400 PhD economists at the Federal Reserve failed to predict the inflation storm triggered by the rapid expansion of the MMF by trillions; they simply dismissed it as a "temporary phenomenon."

Such a large-scale misunderstanding highlights the urgent need for restructuring; this level of error is unacceptable.

The Federal Reserve has 23,000 employees but still faces losses of up to 200 billion dollars.

"The Federal Reserve Chairman Powell's term may be numbered," the article states.