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, who called for greater executive oversight over monetary policy and abolishing the central bank.
Lee argued that Federal Reserve chairman Jerome Powell’s 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:
“The Executive Branch should be under the direction of the president. That’s how the Constitution was designed. The Federal Reserve is one of many examples of how we’ve deviated from the Constitution, in that regard. Yet another reason why we should end the Fed.”
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 — who argue that centrally managed fiat currencies are prone to monetary inflation and currency devaluation.
