4 ms·

My understanding was that GP was suggesting a change in the function of the central bank. Did you have a different interpretation?

by MiroF 7y ago

MR4D 7y ago
I missed that interpretation, but upon rereading the post, it sounds like you are correct. That being said, the central bank (at least in the US) is structured much more like a think tank and policy center than anything close to a customer-facing organization. Personally, I'm not a fan of that idea, but I completely agree that banking policies/regulations need to be overhauled.
- MiroF 7y ago
  > structured much more like a think tank and policy center Uh, I agree that the central bank isn't consumer facing - but this is a bit of a stretch. Think tanks don't loan trillions of dollars.
  - MR4D 7y ago
    Not much of a stretch, though. From [0]: The Federal Reserve 1 conducts the nation's monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy; 2 promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad; 3 promotes the safety and soundness of individual financial institutions and monitors their impact on the financial system as a whole; 4 fosters payment and settlement system safety and efficiency through services to the banking industry and the U.S. government that facilitate U.S.-dollar transactions and payments; and 5 promotes consumer protection and community development through consumer-focused supervision and examination, research and analysis of emerging consumer issues and trends, community economic development activities, and the administration of consumer laws and regulations. Other than #4 (which as you say is clearly is nothing like a think tank), all the rest have significant policy or regulatory actions. [0] - https://www.federalreserve.gov/aboutthefed/structure-federal-reserve-system.htm https://www.federalreserve.gov/aboutthefed/structure-federal...

My understanding was that GP was suggesting a change in the function of the central bank. Did you have a different interpretation?

by MiroF 7y ago

My understanding was that GP was suggesting a change in the function of the central bank. Did you have a different interpretation?

MR4D 7y ago

I missed that interpretation, but upon rereading the post, it sounds like you are correct. That being said, the central bank (at least in the US) is structured much more like a think tank and policy center than anything close to a customer-facing organization. Personally, I'm not a fan of that idea, but I completely agree that banking policies/regulations need to be overhauled.

MiroF 7y ago
> structured much more like a think tank and policy center Uh, I agree that the central bank isn't consumer facing - but this is a bit of a stretch. Think tanks don't loan trillions of dollars.
- MR4D 7y ago
  Not much of a stretch, though. From [0]: The Federal Reserve 1 conducts the nation's monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy; 2 promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad; 3 promotes the safety and soundness of individual financial institutions and monitors their impact on the financial system as a whole; 4 fosters payment and settlement system safety and efficiency through services to the banking industry and the U.S. government that facilitate U.S.-dollar transactions and payments; and 5 promotes consumer protection and community development through consumer-focused supervision and examination, research and analysis of emerging consumer issues and trends, community economic development activities, and the administration of consumer laws and regulations. Other than #4 (which as you say is clearly is nothing like a think tank), all the rest have significant policy or regulatory actions. [0] - https://www.federalreserve.gov/aboutthefed/structure-federal-reserve-system.htm https://www.federalreserve.gov/aboutthefed/structure-federal...