Re:America COMPETES Act of 2022 passed House and Senate
by beaconstudios on Tuesday March 29, 2022 @10:32PM
(#30850929)
who said they wouldn't be able to take absolute control of the fed? My point was only that they aren't currently. They'd have to make some serious changes in order to do so!
Re:America COMPETES Act of 2022 passed House and Senate
by sudosysgen on Wednesday March 30, 2022 @01:07AM
(#30851672)
They currently have more than enough control over the fed to be able to plan this kind of policy. They simply need to choose the next head of the fed to be one that agrees, as they already do.
First, the US government gets to run an arbitrary deficit, which is essentially the same as printing money.
Secondly, the Fed's board is appointed by the government and can be recalled by the government.
Thirdly, if the US government wanted they could change all of the rules governing the fed.
It has nothing to do with not being able to. The US just decides it's more profitable to have the reserve currency. You can't have it both ways, and it's senseless to complain about not being able to have a cake after eating it.