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We decide how central banks work by electing a new president, hoping the current chair expires during their term, having a new chair approved, hoping the new ch

We decide how central banks work by electing a new president, hoping the current chair expires during their term, having a new chair approved, hoping the new chair has the authority to and does implement the policies we want. How is that better and more likely to happen than allowing 51% of the network to just adopt a new protocol and cut out all the middlepeople?

snowwrestler 12y ago
The Fed was established by an act of Congress and can be changed or abolished by an act of Congress. Congress is democratically elected. That's the connection to the people. The reason Congress has not abolished the Fed is that most people think that the Fed is pretty good at what it is supposed to do.
- ende 12y ago
  You assume there is any real democratic control of Congress, and that the whole game hasn't been rigged by a duopolist oligarchy.
- alextgordon 12y ago
  America doesn't even have democratically elected presidents (just ask Al Gore). Hoping that Congress will even halfway represent the wishes of the people is bold.
- jsprogrammer 12y ago
  Most people have no idea what the Fed does (let alone that it even exists) nor do they have any framework with which to evaluate its work.
  - bpodgursky 12y ago
    I assure you, if inflation reached 10+%, most every voter in the US would know what the Fed does and what they wanted it to do instead. The non-conspiracy fact is the Fed has stayed quiet during the past 7 years because it has done a remarkably good job compared to their conservative-to-the-point-of-incompetency European counterparts. Europeans are quite familiar with ECB policy, because it has handled the crisis so astoundingly badly.
    - jsprogrammer 12y ago
      Thanks for your assurances, but catastrophic failure does not an understanding make. Also, "not break the economy" is not an actionable (or, I'd argue, even comprehensible) framework.
    - MCRed 12y ago
      Inflation, by the government's own numbers which tend to under report it, reached over %10 during the bush administration (and has been probably over %20 for most of the Obama administration.) "Inflation" as reported by CNN et. al. every quarter is a propaganda number that has all of the key inflation indicators taken out of it and is effectively watered down. (making it so that you can't even compare it from one administration to another.)
      - bpodgursky 12y ago
        Even the most cursory analysis makes it obvious your numbers are ridiculous. 20% inflation during 6 years of Obama would make items, on average, 3x as expensive as they were in 2008-- is your food 3x as expensive? housing? gas?
        anonbanker 12y ago
        Mine is. I don't know about the rest of the country, though.
        Frondo 12y ago
        I'm curious where in the country gas costs $9/gal now. In 2008, it was around $3 across the country. I'm also curious where in the county a loaf of bread is now $3-4, and I mean the cheap white/wheat bread that used to cost a buck and change (and still does here). Housing, I know it's gone up a lot, but even so, 3x? Can you provide any hard numbers on the 3x increase in gas, housing, and food?
        jsprogrammer 12y ago

snowwrestler 12y ago

The Fed was established by an act of Congress and can be changed or abolished by an act of Congress. Congress is democratically elected. That's the connection to the people. The reason Congress has not abolished the Fed is that most people think that the Fed is pretty good at what it is supposed to do.

ende 12y ago
You assume there is any real democratic control of Congress, and that the whole game hasn't been rigged by a duopolist oligarchy.
alextgordon 12y ago
America doesn't even have democratically elected presidents (just ask Al Gore). Hoping that Congress will even halfway represent the wishes of the people is bold.
jsprogrammer 12y ago
Most people have no idea what the Fed does (let alone that it even exists) nor do they have any framework with which to evaluate its work.
- bpodgursky 12y ago
  I assure you, if inflation reached 10+%, most every voter in the US would know what the Fed does and what they wanted it to do instead. The non-conspiracy fact is the Fed has stayed quiet during the past 7 years because it has done a remarkably good job compared to their conservative-to-the-point-of-incompetency European counterparts. Europeans are quite familiar with ECB policy, because it has handled the crisis so astoundingly badly.
  - jsprogrammer 12y ago
    Thanks for your assurances, but catastrophic failure does not an understanding make. Also, "not break the economy" is not an actionable (or, I'd argue, even comprehensible) framework.
  - MCRed 12y ago
    Inflation, by the government's own numbers which tend to under report it, reached over %10 during the bush administration (and has been probably over %20 for most of the Obama administration.) "Inflation" as reported by CNN et. al. every quarter is a propaganda number that has all of the key inflation indicators taken out of it and is effectively watered down. (making it so that you can't even compare it from one administration to another.)
    - bpodgursky 12y ago
      Even the most cursory analysis makes it obvious your numbers are ridiculous. 20% inflation during 6 years of Obama would make items, on average, 3x as expensive as they were in 2008-- is your food 3x as expensive? housing? gas?
      - anonbanker 12y ago
        Mine is. I don't know about the rest of the country, though.
        Frondo 12y ago
        I'm curious where in the country gas costs $9/gal now. In 2008, it was around $3 across the country. I'm also curious where in the county a loaf of bread is now $3-4, and I mean the cheap white/wheat bread that used to cost a buck and change (and still does here). Housing, I know it's gone up a lot, but even so, 3x? Can you provide any hard numbers on the 3x increase in gas, housing, and food?
        jsprogrammer 12y ago