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0 pointscomboy7y ago0 comments

The Fed can create unlimited money out of nowhere and doesn't have to answer questions about it from anybody. I don't think they dream is a transparent blockchain and money supply limited by an algorithm.

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zerostar077y ago

They don't want to be seen as "not having to answer to anyone" , so they would be going the blockchain rule, i.e. semi-accountability , i.e. stealing some of bitcoin's "decentralized" fame.

lukeschlather7y ago

The whole point of having a national currency is that the money administrators answer to Congress, not the businesses who borrow and lend money. "Decentralization" means taking power away from Congress and giving it to Goldman Sachs and the other big banks.

_red7y ago

The Fed is a private entity which is owned by its "Member Banks" (ie. big banks).

https://en.wikipedia.org/wiki/Federal_Reserve_System#Member_...

Moreover, the currency that the Fed issues is not technically a "national currency", its "Federal Reserve Notes", that is a debt instrument which is theoretically backed by "US Dollars". Where are these US Dollars?..and more importantly how do we get some?

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Yizahi7y ago

> create unlimited money out of nowhere and doesn't have to answer questions about it from anybody

So, Tether?

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