> For starters, what goodwill has the Federal Reserve built up? Have you seen the state of the working class today?
The Fed is why America can send pieces of papers and bits and receive trillions of dollars worth of goods and services. Thanks to this, Americans have the highest average disposable incomes in the world and the highest median income in the world behind a tiny tax haven. If Americans aren't able to benefit from this, they have no one to blame but themselves or the other parts of government.
> The Fed is why America can send pieces of papers and bits and receive trillions of dollars worth of goods and services.
Next year, and every year forward, arguably in part because of the Fed, America will be able to receive less dollars in goods and services for the same agreement,
due to US' objectively-falling creditworthiness, as rated by the large institutions and nations who are willing to lend to us.
The Fed isn't "another" part of government. It's owned privately. That is really the main issue. It functions to make its members rich, anything positive is kinda less benefit than if it were truly part of the government.
You might be thinking of the treasury.
You're wrong at just about every point. The Fed is autonomous but still part of the government. Congress can revoke this if they really wanted to, but they won't because even they know that they'll just use it for their political scheming like they do with anything else they can get their grubby hands on. Jerome Powell made most of his money in private equity, and he could have stayed there he wanted more. Now, his compensation is less than that of a first year associate at Goldman Sachs. Before you bring it up, no, a few million dollars in speaker fees doesn't make up for this opportunity cost for a banker at that caliber.
Yes, Jerome is a public servant who would give you the shirt off of his back.
We'll see what private financial institution gigs he parachutes into after his current role.
From another comment:
Ben Bernanke now serves on the board of two of them (Citadel, PIMCO). And Alan Greenspan serves on three (Deutsche Bank, PIMCO, Paulson & Co).
The Fed is why America can send pieces of papers and bits and receive trillions of dollars worth of goods and services. Thanks to this, Americans have the highest average disposable incomes in the world and the highest median income in the world behind a tiny tax haven. If Americans aren't able to benefit from this, they have no one to blame but themselves or the other parts of government.
[1] https://en.wikipedia.org/wiki/Disposable_household_and_per_c...