Whereas the platform of the Libertarian Party of Georgia states that the fraudulent Federal Reserve System of banking should be abolished; and,
Whereas the Federal Reserve System has enabled the U.S. federal government to accrue over $34 trillion of debt; and,
Whereas government deficit spending enabled by the Federal Reserve System has fueled the growth of the welfare-warfare state, resulting in widespread violations of individual rights both at home and abroad; and,
Whereas when the Federal Reserve System sets interest rates below the free-market rate, the result is malinvestment, leading to artificial economic booms followed by corrective recessions, hampering long-term economic growth; and,
Whereas the inflation created by the Federal Reserve System benefits some at the expense of others due to the Cantillon effect; and,
Whereas the Federal Reserve System has an intentional and arbitrary price inflation target of two percent which is regularly exceeded; and,
Whereas those on fixed incomes are particularly impacted by price inflation, so it has the effect of a highly regressive tax; and,
Whereas the U.S. dollar has lost over ninety-five percent of its value since the creation of the Federal Reserve System; and,
Whereas the Federal Reserve System was instrumental in bailing out reckless financial institutions during the subprime mortgage crisis of 2008 at taxpayer expense; and,
Whereas the notion that businesses can be “too big to fail” and able to privatize profits while socializing losses is completely antithetical to free-market principles and creates a moral hazard; and,
Whereas U.S. House Bill H.R. 8421, also known as the Federal Reserve Board Abolition Act, was introduced on May 16, 2024; and,
Whereas U.S. Senate Bill S.4463, a companion bill, was introduced on June 5, 2024; and,
Whereas the Federal Reserve Board Abolition Act was first introduced by Dr. Ron Paul, former Representative from Texas’ 14th Congressional District, in 1999, and last introduced in 2013; and,
Whereas the Federal Reserve Board Abolition Act would abolish the Federal Reserve Board of Governors and each Federal reserve bank; and,
Whereas the Federal Reserve Board Abolition Act would repeal the Federal Reserve Act which was signed into law on December 23, 1913; and,
Whereas the sponsor of H.R. 8421, Representative Thomas Massie from Kentucky’s 4th Congressional District, visited the 2024 Libertarian National Convention and encouraged Libertarians to assist by working to get resolutions of support passed at the state level;
Therefore, be it resolved, that the Libertarian Party of Georgia:
- supports the passage of the Federal Reserve Board Abolition Act; and,
- calls upon the Georgia General Assembly to adopt a resolution supporting the passage of the Federal Reserve Board Abolition Act.
