If the argument is that a country should have control of its currency to avoid hazard, then the US Federal Reserve Bank (the entity that creates US dollars) should be a branch of the government.
What part of the current setup makes them unaccountable? Why do they need to be a "branch" of the government, when they are accountable to congress?
Quote:
The entire System is subject to oversight by the U.S. Congress….the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government.
Is that not enough? Did you read the rest of the page I linked?
Odd that the fed won't allow a congressional audit of its gold reserves. Theory is one thing, practice is entirely different.
What gold reserves?
Quote:
Myth #3: The Fed owns and stores gold.
Truth: The Fed does not own gold and only stores a very small amount of the U.S. Treasury’s gold.
The Fed does not own gold. The Gold Reserve Act of 1934 required the Fed System to transfer ownership of all of its gold to the Department of the Treasury.
Odd that the fed won't allow a congressional audit of its gold reserves. Theory is one thing, practice is entirely different.
I find it interesting that you are now quoting arguments from the old 'return to the Gold Standard' crowd, why do you want congress to audit gold and not paper clips or printer toner? what's the big deal about gold?
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The Delhi police have announced the formation of a crack team dedicated to nabbing the elusive 'Monkey Man' and offered a reward for his -- or its -- capture.
I'm not an NFT defender or anything, but this misses the point that normal people don't really use Ethereum anymore and the vast majority of NFT minting in 2022 is on other blockchains.
They flew a little too close to the sun with this generation of NFTs. Have at least have a few chains of people who can make money. If its only the top of the chain - it will fall apart quicker.
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The Delhi police have announced the formation of a crack team dedicated to nabbing the elusive 'Monkey Man' and offered a reward for his -- or its -- capture.
One cryptocurrency advocate noticed that from just the Bored Ape's NFT sale, approximately $100 million were wasted during the first hour of the "land" sale in gas fees alone.
That's one way to put it.
Another is that someone made $100M from cryptomorons in an hour.
It truly escapes me why people see these services as better than banks.
