Re:New Zealand plunges into recessionary spiral
by matteotom on Friday November 04, 2022 @03:53PM
(#33472819)
The Fed is designed to be independent from the whims of any individual politician, but it still exists due to an act of congress, and could be changed at any time by congress passing a law and the president signing it. And if that can't/doesn't happen, it's because _congress_ doesn't represent the people of the United States.
[ Parent
| on HN ]
Re:New Zealand plunges into recessionary spiral
by nobody9999 on Friday November 04, 2022 @04:32PM
(#33473372)
Edit: As was pointed out, I didn't read the comment I replied to in the best light.
As such, I'm deleting the original text, since I can't delete this comment any more.
My apologies.
Re:New Zealand plunges into recessionary spiral
by hn_throwaway_99 on Friday November 04, 2022 @04:57PM
(#33473641)
That is an extremely curious reading of the comment you are responding to, given that it appeared they were just arguing that if people want to change the Fed, and it doesn't happen, then that would show Congress doesn't represent the people of the US.
Re:New Zealand plunges into recessionary spiral
by coliveira on Friday November 04, 2022 @04:04PM
(#33472978)
> if that can't/doesn't happen, it's because _congress_ doesn't represent the people of the United States.
You're just saying the same thing with different words. If the Fed or the congress doesn't represent the people it doesn't make any difference to the elite class, who indeed own these two entities.
Re:New Zealand plunges into recessionary spiral
by idiotsecant on Friday November 04, 2022 @04:22PM
(#33473246)
The distinction is significant though, there mechanisms to limit the fed's power if it's necessary, even if those levers and dials are not being currently used.