Elon Musk and Grant Cardone Want To Abolish the Fed: Why It Could Be Good for Your Finances
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Gabrielle Olya
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Molly Sullivan
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Many Americans are seeking a solution for our current inflation issues, and some experts — including Elon Musk and Grant Cardone — believe getting rid of the Federal Reserve could be a solution.
In a recent tweet on X, U.S. Sen. Mike Lee, a Republican from Utah, wrote, “The Executive Branch should be under the direction of the president. That’s how the Constitution was designed. The Federal Reserve is one of many examples of how we’ve deviated from the Constitution in that regard. Yet another reason why we should #EndTheFed.”
Musk expressed his agreement with the idea of getting rid of the Fed by quoting the tweet and replying with the “100” emoji.
Cardone, who is a private equity fund manager and real estate investor, also believes in getting rid of the Fed. Here’s why he believes this will be good for Americans’ finances.
Grant Cardone: ‘There Is Absolutely Zero Reason for the Fed’
Cardone — who has sent a proposal to President-elect Donald Trump’s administration to implement a federal program, Make Americans Wealthy Again, which would teach financial basics to all Americans — believes that presidents should control interest rates, not the Federal Reserve.
“I believe that the government should actually control — or at least have influence over — interest rates,” he told GOBankingRates. “There’s no reason why America doesn’t have the lowest interest rates in the world. It’s absolutely mind boggling that the greatest country on planet Earth has interest rates higher than any other country.”
Cardone said that he agrees “1,000%” with Musk’s tweet in support of abolishing the Fed.
“There’s absolutely zero reason for the Fed,” Cardone said. “What do they do for you? Every time I ask this question, no one can explain. They’re between me and you and our money, period.”
While some might argue that the Fed controls unemployment, Cardone counters this claim.
“No, they’re not. I’m going to control employment,” he said. “I am the one that hires people. I either have a reason to hire someone or I don’t, period.”
Cardone believes that it’s the consumer that controls the value of the dollar — not the Fed.
“They’re not in control of monetary policy, the value of the dollar,” he said. “The consumer is in control of how they use their money. There’s no group that tells you what to go buy, what you should buy, what you can buy — that is up to you.”
Ultimately, Cardone believes that the Fed has no utility to the consumer.
“The Fed is just an arm of banking that does nothing for the consumer, nothing for the population,” he said. “They’ve not made any of our lives better.”
Without the Fed, Cardone Believes Interest Rates Will Be Lower, Which Will Have a Ripple Effect
Cardone believes that if Trump does get rid of the Fed, this will benefit Americans’ finances.
“Interest rates will come down,” he said. “You need lower interest rates. The housing market would would improve overnight.”
An improved housing market would make rent more affordable as well, Cardone said.
“You can’t buy a house in this country — all the housing numbers are awful,” he said. “If I can’t afford a house, I’m going to rent. That keeps rents up. But going forward, rents are going to come down in ’25 if Trump does his job.”
Cardone said that getting rid of the Fed would be “a Super Bowl move.”
“Then the [government] will get control of interest rates and drive this country into massive prosperity,” he said.
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