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i believe there is another proposal suggesting every individual should be able to deposit funds with the fed

by shoo 8y ago

jayalpha 8y ago
This was possible in Germany. At one point this service was closed. I think I still have an account there with the Fed (with 50 Euros or something in it).
- rasz 8y ago
  Do you mean KdF beetle stamps? that particular investment didnt end well.
wallace_f 8y ago
Imagine some dystopian future where you walk over homeless people on your way to work, hear about people without access to healthcare, and affordable housing crisis across the country... Meanwhile the government spends 5.6 trillion on in-perpetuity wars on people living in tents, or 4 trillion in helicopter'd money for Wall St; and somehow the people who are working constantly--who actually create the foundation of our economy to fund these wars and plutocrats--hardly ever complain about it because their limited free time to consume the news is overloaded with partisan politics, the latest Trump gaffe, etc? Way to be good serfs. No way you look at it, the Fed is not managed as an altruistic institution. At the very least, a very long time ago it should have been handed over to algorithmic monetary policy... but primarily just serving the role as a lender of last resort.
tobylane 8y ago
>As a regulator and central bank, the Bank of England has not offered consumer banking services for many years Wikipedia says this, but not why.
- YawningAngel 8y ago
  Because it's a pain to do and not in their remit, essentially. They still offer business banking services. My employer, Monzo, has a business account with them.
- pas 8y ago
  It would place the central bank into an even more biased role. And offering one retail service is very costly, especially when there's no way to amortize that cost over many services.
- tyre 8y ago
  Matt Levine at Bloomberg had a great writeup on this recently. (His “Money stuff” newsletter is fantastic.) Basically: if you were to start from scratch today and build a banking system, you probably wouldn’t build exactly the one we have. On the other hand, given that we do have this one, it may be worse to pull the rug out from existing banks by providing a Fed alternative.

i believe there is another proposal suggesting every individual should be able to deposit funds with the fed

by shoo 8y ago

i believe there is another proposal suggesting every individual should be able to deposit funds with the fed

This was possible in Germany. At one point this service was closed. I think I still have an account there with the Fed (with 50 Euros or something in it).

rasz 8y ago
Do you mean KdF beetle stamps? that particular investment didnt end well.

wallace_f 8y ago

Imagine some dystopian future where you walk over homeless people on your way to work, hear about people without access to healthcare, and affordable housing crisis across the country... Meanwhile the government spends 5.6 trillion on in-perpetuity wars on people living in tents, or 4 trillion in helicopter'd money for Wall St; and somehow the people who are working constantly--who actually create the foundation of our economy to fund these wars and plutocrats--hardly ever complain about it because their limited free time to consume the news is overloaded with partisan politics, the latest Trump gaffe, etc? Way to be good serfs. No way you look at it, the Fed is not managed as an altruistic institution. At the very least, a very long time ago it should have been handed over to algorithmic monetary policy... but primarily just serving the role as a lender of last resort.

tobylane 8y ago

>As a regulator and central bank, the Bank of England has not offered consumer banking services for many years Wikipedia says this, but not why.

YawningAngel 8y ago
Because it's a pain to do and not in their remit, essentially. They still offer business banking services. My employer, Monzo, has a business account with them.
pas 8y ago
It would place the central bank into an even more biased role. And offering one retail service is very costly, especially when there's no way to amortize that cost over many services.
tyre 8y ago
Matt Levine at Bloomberg had a great writeup on this recently. (His “Money stuff” newsletter is fantastic.) Basically: if you were to start from scratch today and build a banking system, you probably wouldn’t build exactly the one we have. On the other hand, given that we do have this one, it may be worse to pull the rug out from existing banks by providing a Fed alternative.