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The Fed has very specific mandates, has several branches, and releases tons of really quality monetary information online. There’s no stock they’re beholden to
by codyb 7y ago
The Fed has very specific mandates, has several branches, and releases tons of really quality monetary information online.
There’s no stock they’re beholden too, or billionaire boy genius running the entire operation, and they certainly don’t hold vast troves of information on billions of people.
It’s a positive they’re divorced from politics, and they’ve done a pretty decent job keeping the USD a trusted currency for use nationally and around the globe with a track record approaching a hundred years.
I’d say the Fed and Facebook are quite different.
- CaptainZapp 7y agoAnd it's not only the Fed. You have, for example, the ECB, The Bank of England, The Swiss National Bank, etc, etc. All much, much more trustworthy institutions than any of those companies involved into the Libra project. And especially more trustworthy than Facebook could ever be.
- 0x445442 7y agoYou forgot the part about being able to conjure money out of thin air, loaning the conjured money and then collecting interest on the loaned money. Decentralized, open ledgers are the future and these folks are terrified their Golden Goose's days are numbered. And of course there's the implications the current system, and the push to get rid of cash, has on personal freedoms.
- delfinom 7y agoExcept Libra's entire scam was a. It was backed by the fiat put in b. They would collect all interest on the fiat for themselves, users did not see any kind of interest for holding the balance
- 0x445442 7y agoYeah, I'm not advocating Libra, just blockchains and crypto in general.
- codyb 7y agoExcept you can’t just conjure money up out of thin air while also doing a good job with your mandate of keeping inflation low. This is such a silly argument that really holds no water in the real world.
- narrator 7y agoYes, the FED is a government organization. It's a government organization that creates money out of nothing and issues 6% dividends to its shareholders: https://www.federalreserve.gov/newsevents/pressreleases/bcreg20161123a.htm https://www.federalreserve.gov/newsevents/pressreleases/bcre...