Congressman Massie initiates the liquidation of the Federal Reserve System. Abolition is an extremely radical measure with unpredictable consequences for the entire financial system.

On the one hand, liquidation of the Fed could indeed lead to the US defaulting on its debts and cause serious damage to creditors. This is fraught with destabilization of the global financial system and global recession.

On the other hand, many critics point to the negative consequences of monetary policy - rising inflation and inequality, distortion of economic incentives, concentration of power in the hands of a narrow group of people. Ideas for reforming the Fed have been expressed by various politicians.

In my opinion, liquidation is unlikely to benefit the US economy. But certain reforms to increase the Fed's transparency and accountability and strengthen Congressional oversight may make sense.

Read about how these changes may affect your life and financial stability here…