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> What if we had the central bank give everyone an account that was interoperable with the rest of the banking system? Because we don't trust the central bank
by pm_me_ur_fullzz 6y ago
> What if we had the central bank give everyone an account that was interoperable with the rest of the banking system?
Because we don't trust the central bank enough (edit: to not arbitrarily give their friends money directly - still happens though). And they don't want to be politicized by giving up autonomy. So the current compromise is that by law they can't lend directly except by Congressional statute, such as the CARES Act stipulates.
- deleted 6y ago[deleted]
- pjc50 6y ago> Because we don't trust the central bank enough What does this actually mean? "Trust" isn't a one-dimensional version. What don't you trust them to do or not do? Do people really "trust" Wells Fargo, opener of fraudulent accounts, more than the Federal Reserve? Why?
- pm_me_ur_fullzz 6y agoTo not arbitrarily give certain citizens money. At least now they have to make a private placement offer and jump through a few hoops to get the right bond rating
- pjc50 6y agoThat's the great paranoia about the Federal Reserve? Seems .. anticlimactic. Besides, the agency responsible for shipping huge amounts of cash to random people in total secrecy is the DOD. All those pallets of dollars that went missing in Iraq.