The late Austrian economist Murray Rothbard once said, “It is no crime to be ignorant of economics … But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.” Apparently, Parkland school shooting survivor David Hogg never got Rothbard’s memo.
The fanatical anti-gun activist put his economic ignorance on full display Thursday when he reacted to new legislation from Rep. Thomas Massie, R-Ky., to abolish the Fed eral Reserve. “This is f—ing crazy. These people need to read a history book,” Hogg posted on Twitter. It didn’t take long for Massie to respond with an actual history book about the origins of the Fed eral Reserve. “Based on the ratio, I think Mr. Hogg needs to read a history book.
During COVID, the Federal Reserve created trillions of dollars out of thin air and loaned it to the Treasury Department to enable unprecedented deficit spending. By monetizing the debt, the Federal Reserve devalued the dollar and enabled free money policies that caused the high inflation we see today,” Massie explained in a press release Thursday. “Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street.
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