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Right. I know they have to say that. But I think they are lying. many such cases

• toomuchtodo 5y ago
  You are both right. The Fed has its public mandates (which it uses the coarse tool of interest rates to manage), but also protects US commercial banks through their refusal to issue narrow bank licenses and their refusal to issue a CBDC or FedAccounts without being shoved by the legislative and executive branches (just like they dragged their feet on FedNow until Congress lit a fire under them because Zelle, owned by the largest banks, was acting anti competitively with smaller community banks). Lots of Fed criticism to go around for everyone’s enjoyment.
  • arcticbull 5y ago
    We're not both right when parent is saying the "federal reserve is lying about its mandate" - which makes no sense, not least because the mandate is defined, by Congress, in the Federal Reserve Act. The Fed's job is to execute on it. You can argue about their efficacy or tactics (in spite of their pretty solid ~110 year track record), but that's not the same thing. It's like saying you think the USPS is lying that they have the mandate to deliver letters.
    • toomuchtodo 5y ago
      Getting thoughts to bits can be challenging. As the saying goes: > Please respond to the strongest plausible interpretation of what someone says, not a weaker one that's easier to criticize. Assume good faith.
      • deleted 5y ago
        [deleted]