Re:Money Creation in the Modern Economy
by Consultant32452 on Sunday January 15, 2023 @02:47AM
(#34387559)
Gold buggery and crypto may be scams, but the current system where the people with the most money get to issue themselves more money is definitely a scam.
What you describe isn't how the "current system" works.
Re:Money Creation in the Modern Economy
by Consultant32452 on Sunday January 15, 2023 @09:46AM
(#34389763)
The largest banks in the US collectively decide things like what the federal reserve interest rates will be. They literally decide how much money they can create.
No, they don't. That's not how it works. Read the PDF.
Re:Money Creation in the Modern Economy
by Consultant32452 on Sunday January 15, 2023 @02:29PM
(#34392364)
I did and didn't learn anything new. The big banks make up the federal reserve. The federal reserve sets the interest rates. The interest rates determine the amount of money created. The banks decide how much money they can create.
Gold buggery, now crypto, is an old scam. In truth, sound money has never existed.
And it cannot exist. Value is a subjective measure on reality. Transporting that across time requires work. Expecting to get that transport for free is the perpetual-motion problem of finance.