Fed Chair Jerome Powell: The 2024 60 Minutes Interview
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Federal Reserve Chair Jerome Powell gives his thoughts on inflation risks, the economy, the timeline for cutting rates, the health of the country’s banks and...
  • davel [he/him]@lemmy.mlEnglish
    6·
    1 year ago

    “We mostly try very hard not to comment of fiscal policy and instruct Congress how to do their job, when they have oversight over us,” said the head of the US private bank cartel.

    These finance industry capitalists run the country. They are major donors to politicians’ election campaigns, and they have a revolving door between major corporation C-suites and the US Treasury and other federal regulatory bodies: Regulatory capture.

      • CylustheVirus@beehaw.orgEnglish
        21·
        1 year ago

        The only thing that guarantees Bitcoin’s worth is thoughts and prayers.

        The US government has aircraft carriers.

          • CylustheVirus@beehaw.orgEnglish
            2·
            1 year ago

            A powerful entity backs the USD is the point. Military might provides a certain level of stability. It’s not about forcing the use of the dollar; you don’t have to.

            Bitcoin is hot air and a poor use of electricity.

      • Sonori@beehaw.org
        1·
        1 year ago

        Really decentralized when two groups hold 54.3% of all mining activity and historical precedent shows that miners always side with the whales, which are people made rich in the old financial system and who now hold even more influence in the space.

        Indeed, given that hard non crypto cash and the compute power it buys is the ultimate decider on the protocol, updates, and which fork is the correct one, Bitcoin would seem to be a system which removes any semblance of power over the monetary system from elected leaders and explicitly gives it to the rich.

        Also, why is having a set unchanging hard limit on total supply that important?

        The braindead answer is something to do with inflation, but outside of hyperinflation the total money supply has little if any impact on inflation. BTC actually demonstrates this quite nicely, given that it saw over three hundred percent inflation between November of 21 and 22, despite there being a slight decrease in the total money supply. While those months were chosen for dramatics, Bitcoin’s swings from rapid inflation to deflation and back are wild when compared to even poorly managed third world currencies.