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I do wonder who controls the Fed, ultimately. There was a congressman somewhere around 20 years ago who investigated military waste and was on youtube a lot. W

I do wonder who controls the Fed, ultimately. There was a congressman somewhere around 20 years ago who investigated military waste and was on youtube a lot. When he turned to a reporter and said he was going after the Fed next, he resigned in about 10 days citing his family's best interests. Trump wanted to force the Fed to cut rates during his first term and he wants to now, but he can't "for some reason". I think the continued independence of the Fed speaks to an invisible hand. I don't know how it works, only that this hand controls a quadrillion dollar economies and doesn't care about POTUS whims. Yes it's conspiracy-theory land, but this is something I consider when contextualizing world events.

AnimalMuppet 2y ago
No, the continued independence of the Fed is one thing that has stayed sane in all the current insanity. Do you really want Congress directly controlling the interest rate? Do you want Trump doing it? Do you think that's going to have a better outcome than an independent Fed? I think it would have a massively worse outcome. Congress is allowing Trump to set tariffs at his personal whim, and it seems to be really just at his whim. That's bad enough to have international trade yanked around like that; I don't want interest rates to directly yank around the domestic economy in the same way.