(ZeroHedge)—The Ron Paul ‘Revolution‘ could be on the horizon as President-elect Donald Trump prepares to take office next month. Elon Musk, one of Trump’s top advisors, wrote on X about creating efficiencies at the Federal Reserve.
“The Fed is absurdly overstaffed,” Musk wrote on X early Monday morning, responding to Chamath Palihapitiya’s post about the Fed’s latest interest rate decision (read here).
https://twitter.com/elonmusk/status/1871081881099534344
A recent note from the Mises Institute pointed out that about 23,000 people work at the Federal Reserve Board in Washington and 12 regional reserve banks across the US.
The Federal Reserve System
“But there’s more to it than that. The financial statements reveal that the Board of Governors expenses and currency costs were $2 billion. If this constitutes salaries, then total salaries and pension costs at the Fed become closer to $7 billion. Dividing this figure by 23,000 people equals around $304,000 per employee,” Mises said.
https://twitter.com/Leeefeldman/status/1871088350666355153
Musk and Vivek Ramaswamy have been tasked with streamlining federal operations through the Department of Government Efficiency (DOGE). The department aims to create a leaner, more efficient government, including $2 trillion in spending cuts. The wish list of potential efficiencies continues to grow – with a ‘really bold plan for day one ‘ …
Days before the presidential election, Ron Paul asked on X if he could join DOGE in Trump’s second term. Musk responded: “Would be great to have Ron Paul as part of the Department of Government Efficiency!”
https://twitter.com/elonmusk/status/1852472973728338409
Last week, Ron Paul wrote on X, “We should wean ourselves off The Fed, like we weaned ourselves off the mainstream media.” Musk responded: “Yes!! Ron Paul ftw.”
https://twitter.com/elonmusk/status/1868948521375908249
Let’s not forget about 400 PhD economists at the Fed failed to forecast the inflationary storm triggered by the rapid expansion of the money supply by trillions—only for them to dismiss it as “transitory.” Such a massive misreading underscores the urgent need for restructuring. Errors of this magnitude are unacceptable.
With a workforce of 23,000, the Fed still manages to lose money—upwards of $200 billion.
https://twitter.com/Snavenek/status/1871160999543480329
Perhaps Fed chair Jay Powell’s days are numbered.
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