News/Commentary

Elon Musk takes hilarious shot at Federal Reserve, finds an interesting ally

May 13, 2024 | | Print Article

Billionaire Elon Musk has a well-established history of poking powerful people and he set his sights at the very top Saturday when he took a shot at the Federal Reserve — the Council on Foreign Relations calls the U.S. central banking system, aka the Federal Reserve, “the most powerful economic institution in the United States, perhaps the world.”

“How the Federal Reserve works,” Musk tweeted.

He included a snapshot from the Monopoly game that reads: “What if the bank runs out of money? Some players think the bank is bankrupt if it runs out of money. The bank never goes bankrupt. To continue playing, use slips of paper to keep track of each player’s banking transactions — until the bank has enough paper money to operate again. The banker may also issue ‘new’ money slips of ordinary paper.”

Interestingly, Jack Dorsey concurred. The man who cofounded Twitter responded to the current owner of now X to say: “Fact.”

The Heritage Foundation published an Oct. 2023 piece authored by EJ Antoni, a research fellow at the Grover M. Hermann Center, and Peter St Onge, visiting fellow from the Roe Institute for Economic Policy Studies, that called for ending the Federal Reserve.

Titled, “Time To End the Fed and Its Mismanagement of Our Economy,” the commentary offered these key takeaways:

As long as the Fed has been around, it has swung the economy between inflation and recession.

Politicians created a fully government-run institution to bail out government and bad banks alike: the Federal Reserve.

Since its founding, the Fed has stolen 98% of the value of a dollar. It has used those profits to repetitively launch boom-bust cycles.

 

Social media users certainly appeared to be simpatico with that frame of mind.

Here’s a quick sampling of responses to the story, as seen on the social media platform X:

Tom Tillison
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