Quote from: BlackHatCoiner on November 26, 2024, 10:22:04 AM

Quote from: EarnOnVictor on November 26, 2024, 10:07:52 AM

It's clear you don't like the FED, but all countries have their central banks and I wonder how an economy would be without them.

An economy without a government-mandated monopoly on the creation and management of money would allow the free market to determine the best money. Nearly everything in an economy--houses, cars, computers, software--is product of the free market. Consider the incredible accomplishment of manufacturing 3nm chips, powering the iPhone in your pocket, and delivering immense computational performance for your convenience and satisfaction. This extremely advanced product wasn't dictated by some bureaucrat office; it was produced under the pursuit of profit, competition and innovation.

Why, then, should money be any different? Why assume it would perform worse if left to the competition of the free market?

Honestly, I saw a very valid and sensible point in what you said, the economy can drive itself without the poking of the nose by the government, the government should just ensure the security and other vital obligations while they leave the rest alone in the free market, I get it.

But who will rescue the economy during inflation or deflation among others? Is it the unregulated banks or businesses that are busy playing rivalry? Don't you think the economy will collapse? Regulation is a must and is part of the functions of the FED. What brought about this discussion is FED, right? I wonder how the excesses of banks will look like without the central bank.

For me, the world's setting is okay this way, we only need good leadership and better management.