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A comment on MtGox.com is offline. Parent comment

Re:MtGox.com is offline by metaphorm on Tuesday February 25, 2014 @11:01AM (#7298319)
the Fed is not a third party w.r.t USD. its the first party. the Fed is the entity in direct control of the monetary supply. the Fed is also the entity politically mandated to protect the money supply against inflation and deflation.
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Re:MtGox.com is offline by dragonwriter on Tuesday February 25, 2014 @01:52PM (#7299581)
> the Fed is not a third party w.r.t USD. its the first party.

Its a trusted third party with regard to most use of USD as money -- that is, its use by market participants in exchange for goods and services.

> the Fed is also the entity politically mandated to protect the money supply against inflation and deflation.

Well, yeah, that official role (combined with its past history of performance in the role) is a big part of why its a trusted third party in the use of USD as money.

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Re:MtGox.com is offline by metaphorm on Tuesday February 25, 2014 @03:38PM (#7300308)
consumers don't interact directly with the Fed. from their point of view I guess you could call it a third party.

banks interact directly with the Fed though. to them it is a first party.

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