> balance all the desired export surpluses of the EU, China, Japan, etc together without the US as the demand sink
in 2022 China, Russia exported around 630 billion USD, US imported around 950 billion USD. maybe the world will not end if these three just go and play in a separate sandbox;)
> it's going to be a painful adjustment.
even if demand falls a bit it's not the end of the world if it becomes more sustainable afterwards (less overproduction, consumer waste, gassing the environment)
It’s certainly government. The US Congress created it as an agency of the US government, just as it did every other government agency; and the Congress can destroy it. The Congress did not provide for direct political control—elections (and electoral politics) can’t change the Federal Reserve’s decisions (or decision-makers) directly.
There’s indirect control: the elected administration selects people to nominate as governors, who then go on to make the decisions. But they have to choose people who the (elected) Senate will confirm, and there’s not too much the executive can do if they don’t like the decisions their appointed governors go on to make during their 14-year terms.
The question at hand at the moment is whether the executive can unilaterally usurp the agency’s Congressionally-mandated structure and use its power directly.
It’s kind of like how the various Civil Service acts sheltered career civil servants from the constant changes in political winds, so that we can have career professionals in government instead of using public paychecks purely as a prize for the buddies of whoever won the last election. The present administration resents that independence too.
I’d argue that its primary functions are core government functions in a way that passenger rail and postal services are not. Amtrak and USPS sell services at retail (and compete; see i.e. SunRail and UPS). The public aspect of their prerogative is relatively small (I tend to care much more about whether the train is on time than I do who operates, and who owns the tracks, and what the liability cap is; I tend to care about speed and price more often than I care that USPS will go places where FedEx won’t). And the “product” is a set of individual services executed by a big workforce—the higher-ups exist to make sure the services get delivered down the line. Quasi-corporate structures make a lot of sense for that.
Whereas the Fed’s jobs involve setting monetary policy and regulating the financial sector. The “product” is the set of policies the board vote to implement, and the staff exist to gather information and pass it upward to support those decisions (maybe using powers delegated downward to them). Like any other government agency.
What does it mean that the Federal Reserve is "independent within the government"?
The Federal Reserve, like many other central banks, is an independent government agency
The federal reserve calls themselves "within the government" and a government agency. Isn't it fraud (and indeed wire fraud) to falsely represent yourself as a government agency to induce a financial transaction?
Your position is they're not government, but you also talk of them "doing whatever the fed needs to do the job" in response to the fed claiming to be a government agency and within government.
So either you are lying, or the fed is lying, and if the latter your position is that they need to lie to do their job (per your dismissive quip) -- much of which involves transactions of banks drawing on master accounts which are held in part in full faith that they are doing business with a government agency.
My first post took around 6 min & a dictionary. This post took 3. It's a quick skill.
No LLMs. Ctrl+f shows you all your 'e's without switching away from this tab. (And why count it? How many is not important, you can simply look if any occur and that's it)
makes it difficult to verify that it runs locally. unobfuscated source is not available. important actions, like open a PDF, save edited PDF, will be stuck or error if you cut the internet after opening the site and only unstuck after you reenable internet. I get it's probably for speed
anyway, if you save the page in Chrome and serve it on a local server, it works even with internet disabled, so there's that.
Thanks for pointing this out. You’re right - some assets are currently loaded at runtime, which can cause actions to hang if the internet is cut mid-session. All PDF processing itself happens locally in the browser, and as you noticed, serving the page locally works fully offline. Improving offline behavior and making this easier to verify is on the roadmap
in 2022 China, Russia exported around 630 billion USD, US imported around 950 billion USD. maybe the world will not end if these three just go and play in a separate sandbox;)
> it's going to be a painful adjustment.
even if demand falls a bit it's not the end of the world if it becomes more sustainable afterwards (less overproduction, consumer waste, gassing the environment)
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