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It's surprising that the guy who heads the organization that owns the banks, regulates the banks, prints the money, and appoints the guy who sets the prime rate
by fleitz 16y ago
It's surprising that the guy who heads the organization that owns the banks, regulates the banks, prints the money, and appoints the guy who sets the prime rate would be held to account for economic matters involving primarily those organizations.
- jeromec 16y agoCentral banks do not control the entire economy. There is much more involved, and economics is so complex that even experts vigorously disagree much of the time. Presidents themselves do not usually possess a high degree of economic insight and understanding. This is why all types of presidents from different parties have presided over recessions, depressions, and bursting bubbles. This leads some, like Ron Paul, notably, to suggest the fundamental system is flawed, and therefore suggests tinkering will never fix it, so the Federal Reserve should be abolished. I'm not saying I think he has the right strategy, but I do think he is correct in his reasoning for why we often experience economic angst.