The US Federal Reserve system employs almost 25,000 people. Its rate-setting board alone employs several hundred researchers, almost all of whom have a PhD in economics. Their job is to come up with one of the world’s most important numbers: the Fed funds rate, which is effectively the price of money in the world’s most powerful economy, and which affects the prices of commodities and financial instruments around the world. Now, however, America is proposing replacing this multi-billion-dollar system of data collection and careful economic modelling with a new approach: whatever number sounds right to Donald Trump, who is 80 this year and struggles to stay awake during public events.
any phd in economics that works a day job is a failure
>Don't focus on the fact markets are a centrally controlled blatant confidence game scam.>Focus on who decides what color suit the magician wears! We need expert designers from all over the world to decide important things like magician suit color and what kind of bread will be given out at the circus!
>>61646561You really thought this was a clever and poignant analogy when you hit post, didn’t (You)
The federal reserve is built around legislations that make them impartial towards any type of lobbying or pressure from the government towards fiscal policies or other government priorities. Trump apparently has the power to completely reverse every single law the US has because... uh... because... he's racist or something like that.
>>61646534Burn the fed to the ground with all the (((economists))) still locked inside.
>>61646545fpbp>>61646534Keynesian shiteaters need to get the rope, let me know when the "Disinflation" hits
>>61646534>trust the experts Please kill yourself, burn it all down, no one cares.
>>61646576>>impartialAnd then you got even more retarded
>>61646534The funny part is that it would probably be better if Trump just picked a number that sounded good.
>>61646617The dual mandate and the authority of American institutions cannot be called into question after any given presidential term. It's that simple and there is nothing more to say.
All this brainpower locked up to run on hamster wheels for a system that is "create money out of nothing, loan it to government, expect it back with interest" is pretty tragic.It really isn't more than the regular shitcoin PnD in slow motion.
>>61646648This is a very roundabout way of saying our elections don't matter and the deep state is realWhich we already knew, but hearing the slow admissions is pretty wild
>>61646621The number is always 0>>61646601>Fuck keynesianism, give me retarded orange keynesianism
>>61646534>25,000 peoplewith 1/25,000th of a brain
>>61646561>>61646683This. We have an army of fucking number crunchers to decide whether we print money fast or print money faster. Why the fuck do we need them in the age of AI, we have entire 1000 acre plots of cornfields in the Midwest fueling Big Tech’s AI hunger to solve the worlds problems. The Fed funding rate can be solved by ChatGPT in a single prompt.
>>61646534>we need 25k people to decide an interest ratewhat incredible waste. this is exactly why this country is doomed, pointless bureaucratic positions, people who have never dug a ditch in their lives.
>>61646707Some non democratic bureaucracy is a good thing, the people are too retarded to govern themselves in complex topics
>>61647197Then those people should unironically be left to die. We gain nothing as a civilization and a species by keeping people fat, stupid, and helpless. Some can be helped, certainly, but keeping everyone down because some out-of-touch psychopaths "know better" is asinine.Said bureaucrats will always concentrate power and ego to the detriment of their governed and it makes the system they "steward" worse for it.We live in an era of shadow tyranny masqued by a theater that supposes the masses have agency in directing their future in any meaningful way. Actual tyranny would be preferable to this, because at least it would be honest
>"but buh why do we need people with knowledge in the matter?">"we could use AI to measure the monetary policy"This is why the Euro will be the next reserve currency
interest rate targeting isn't even 40 years old. low rate targets is what caused assets to decouple from earnings and made housing unattainable for entire generations. fire these retards who fuck everything up and put them on the fryers at McDonalds, at least the line will move faster then.
