Elon Musk endorses abolishing the Federal Reserve

11/07/2024 / By Belle Carter

In a post on X, Big Tech billionaire Elon Musk aligned his vision with former Texas Rep. Ron Paul’s suggestion to eliminate the Federal Reserve as a pathway to fiscal reform.

Paul, one of the most prominent libertarians in the United States who is known for his calls to end the Fed’s control over American monetary policy, posted on the social media platform about this, attaching a video of Musk speaking at Donald Trump’s Madison Square Garden rally in New York City. The world’s richest man claimed he could slash at least $2 trillion from the federal budget.

“Elon cutting $2 trillion from the budget? Great idea! Start with some of the BIGGEST welfare recipients: – Military-industrial complex – Pharmaceutical-industrial complex. Oh… and End the Fed!” Paul said.

Musk replied on the same thread, saying: “Needs to be done.”

The viral post immediately drew significant reactions from Musk’s massive following on social media as it echoed the sentiment of many critics who view the Fed’s role as perpetuating debt through monetary expansion and interest collection.

Trump previously said in an economic speech that he sees Musk heading a government efficiency commission that would audit U.S. government agencies. (Related: Elon Musk, Trump’s pick for Department of Government Efficiency (DOGE), wants to cut U.S. budget by “at least $2 trillion.)

“I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the federal government and making recommendations for drastic reforms,” Trump said.

According to Musk, this commission would aim to examine how agencies are spending money, and eliminate “unsensible” spending.

“I think it would be great to just have a government efficiency commission that takes a look at these things and just ensures that the taxpayer money, the taxpayers’ hard-earned money is spent in a good way. I’d be happy to help out on such a commission,” Musk said during an interview when he first pitched the idea to Trump.

Meanwhile, Paul argued that the central bank functions as a private institution. Its monetary policies, he said, contribute to inflation and undermine the purchasing power of ordinary Americans. He also pointed out how the Fed has the authority to print U.S. currency as he contended it only operates for profit, earning interest on money it creates.

Trump has also proposed dismantling federal institutions like the Internal Revenue Service and eliminating income tax. Some proponents argue that reducing the size of government would decrease national debt and inflation, bolstering economic stability.

MSM: Must set to collect “return on investment”

According to mainstream media, Musk is set to collect “return on investment” in no time after Trump’s victory.

Musk has donated nearly $119 million to a political action committee he set up to support Trump, according to Federal Election Commission filings.

He also spent the last weeks running a get-out-the-vote effort in the battleground states, which included a daily giveaway of $1 million to voters in those states. The giveaway became the subject of a legal challenge, though a judge later ruled they could go ahead.

“The people of America gave @realDonaldTrump a crystal clear mandate for change tonight,” Musk wrote on X as Trump’s victory began to appear all but certain. He got to spend election night with Trump at his Mar-a-Lago resort as returns came in.

Trump, on the other hand, spent several minutes praising Musk and recounting the successful landing of a rocket manufactured by Musk’s SpaceX in his victory speech at the Palm Beach Convention Center.

Right after counting of votes, investors were already betting that Trump’s win would also be a win for Musk’s major public holding, Tesla, sending shares of his electric vehicle maker up 13 percent. That lifted the value of the 411 million shares outright by more than $13 billion, which works out to a better than an 11,000 percent return on the $119 million he donated to Trump.

Tesla could also reap gains from an administration that Trump has said would be defined by “the lowest regulatory burden.”

A BBC report also noted that Musk could benefit from Trump’s presidency through his ownership of SpaceX. The company reportedly moved into building spy satellites just as the Department of Defense and American spy agencies appear poised to invest billions into them.

Head over to Trump.news for updates on the recent presidential race victory of Trump.

Watch political commentator Tucker Carlson’s interview with Musk from Trump’s Mar-a-Lago home on election night.

This video is from Cynthia’s Pursuit of Truth channel on Brighteon.com.