Elon Musk: "The Fed Is Absurdly Overstaffed"
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).
The Fed is absurdly overstaffed
— Elon Musk (@elonmusk) December 23, 2024
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.
This is the breakdown of employees by function/organization (should be roughly accurate). The vast majority is at the Reserve Bank level.
— Lee Feldman (@Leeefeldman) December 23, 2024
Where is the bloat and that should be optimized?
Would be interesting to see how AI is being used for automation and more advanced… pic.twitter.com/EpHRuP1S1c
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!"
Would be great to have Ron Paul as part of the Department of Government Efficiency!
— Elon Musk (@elonmusk) November 1, 2024
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."
Yes!! Ron Paul ftw 🇺🇸🇺🇸 https://t.co/7W4YnraXPn
— Elon Musk (@elonmusk) December 17, 2024
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.
Not to mention. pic.twitter.com/h9MW5CfQZq
— Ken Evans (@Snavenek) December 23, 2024
Perhaps Fed chair Jay Powell's days are numbered.