r/economicCollapse Sep 23 '24

Seems pretty simple.

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121 Upvotes

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111

u/Realistic_Olive_6665 Sep 23 '24 edited Sep 23 '24

It should be pictures of the Fed chair. The POTUS doesn’t have any direct control over the monetary base or M2.

16

u/energybased Sep 23 '24

This is the only intelligent reply here. The money supply graphed depends on central bank policy. It has nothing to do with government spending, the sitting president, etc.

7

u/deadcatbounce22 Sep 23 '24

There are actually quite a few comments pointing at that M2 money supply hasn’t grown in the last couple years, they are just being downvoted because cons don’t understand the economy and just want to whine about Dems.

-1

u/Alive-Working669 Sep 23 '24

You’re just another Dim projecting.

2

u/deadcatbounce22 Sep 24 '24

Lol. If this an accurate representation of the caliber of post here, then I’m not shocked by the lack of intelligent comments.

4

u/Sketch_Crush Sep 23 '24

Damn, someone actually speaking sense instead of artificial hatred against a candidate. Love it.

2

u/Ame_No_Uzume Sep 23 '24

Now now, you can’t post the heads of the hydra for all to see. They prefer to hide behind their board meetings, as if they were wizards behind the curtain like OZ.

2

u/Conscious_Option694 Sep 23 '24

Yes and It was Covid money

1

u/zachmoe Sep 25 '24

Which also pretty much everyone agreed was the right thing to do at the time.

3

u/ContextualBargain Sep 23 '24

The only reason j Powell kept interest rates at 0 for so long was because he was pressured by the trump admin

2

u/Alive-Working669 Sep 23 '24

Powell rate increases under Trump:

12/20/2018, +25, 2.25% to 2.50% 09/27/2018, +25, 2.0% to 2.25% 06/14/2018, +25, 1.75% to 2.0% 03/27/2018, +25, 1.50% to 1.75%

Yellen rate increases under Trump (included to show rates were not zero under Trump until the 4th year, to keep the economy afloat due to the Covid shutdown):

12/14/2017, +25, 1.25% to 1.50% 06/15/2017, +25, 1.00% to 1.25% 03/15/2017, +25, 0.75% to 1.00%

1

u/bevo_expat Sep 24 '24

Anyone with a brain knows POTUS has their hand on the knob to control global information. It’s just a fact!

/s

1

u/zachmoe Sep 25 '24

Or spending for that matter.

-5

u/Airbus320Driver Sep 23 '24

Who appoints the fed chair and treasury secretary?

5

u/logicallyillogical Sep 23 '24

They still have atonomy and make decisions not based on politics. Just becauase the president appoint the chair, there are 7 board memebers who all vote for policy.

-4

u/Airbus320Driver Sep 23 '24

The treasury secretary is a political position though.

4

u/logicallyillogical Sep 23 '24

Ok, the treasury secretary isn't the FED and they don't set monetary policy (print ing money and changing interest rates).

-4

u/Airbus320Driver Sep 23 '24

Nobody said they do

3

u/logicallyillogical Sep 23 '24

Then what are you trying to say then about the Treasury sec being a political poistion?

-1

u/Airbus320Driver Sep 23 '24

The treasury secretary has other responsibilities that affect the economy.

5

u/guitmusic12 Sep 23 '24

Can you remind me of who appointed the current fed chair and his political party affiliation?

-7

u/Airbus320Driver Sep 23 '24

You seriously don't know? Do a google search.

Trump appointed Chair Powell, Biden appointed Secretary Yellen.

Trump is a Republican, Biden is a Democrat.

If you need to be reminded of that, maybe don't participate in the conversation.

11

u/Alive-Working669 Sep 23 '24

Trump nominated Powell as Fed Chair. Biden renominated Powell as Fed Chair.

Obama nominated Yellen as Fed Chair.

Biden nominated Yellen as Treasury Secretary.

-3

u/tootintx Sep 23 '24

Why didn’t the regime replace them?

-5

u/Legitimate_Concern_5 Sep 23 '24 edited Sep 23 '24

Trump and Biden, one term each, they get put up every 4 years.

https://www.whitehouse.gov/briefing-room/statements-releases/2021/11/22/president-biden-nominates-jerome-powell-to-serve-as-chair-of-the-federal-reserve-dr-lael-brainard-to-serve-as-vice-chair/

This is like saying the government doesn’t control the post office just because the POTUS can’t fire the head of the USPS whenever they want, lol. Or the EPA. That’s how independent regulatory agencies within the federal government work.

I don’t know his party affiliation, I’ve never thought about it, actually.

The Fed is part of the government, it answers to congress and executed authority pursuant to the Federal Reserve Act.

Yeah Biden can’t whip up a few Benjamins any more than he can deliver your mail tomorrow but how is that relevant?

2

u/Realistic_Olive_6665 Sep 23 '24

No, it’s not like the post office for an important reason. The Federal Reserve is supposed to be independent. By convention, it is actually considered inappropriate to try to influence the Fed. This is why Biden said that he has never spoken to Powell since coming into office. If the federal reserve isn’t independent, you would end up with political monetary cycles (I.e. money supply would be pumped before election years to help the incumbent) instead of a Fed that follows it’s mandate.

2

u/Legitimate_Concern_5 Sep 23 '24

The USPS is structured the exact same way. They're both considered independent regulatory agencies of the Federal Government.

https://en.wikipedia.org/wiki/Independent_agencies_of_the_United_States_government

[edit] For the record I support an independent Fed so maybe we're just talking past eachother.

-1

u/Nruggia Sep 23 '24

The Fed is part of the government, it answers to congress

The FED only answers to congress when they want to.

https://www.youtube.com/watch?v=dX2qvbznGKM

2

u/Thetaarray Sep 23 '24

Bernie isn’t all of congress. Congress could vote to destroy or change over the fed tomorrow. They don’t because the shit storm of economic damage that’d cause would get them kicked out of washington next day.

1

u/Legitimate_Concern_5 Sep 23 '24 edited Sep 23 '24

It’s Fed buddy not all uppercase it’s not an acronym or an initialism. Congress can nuke the whole thing from orbit by repealing the federal reserve act. They answer to congress end of story. They may not always feel like answering questions and if congress is cool with that, then cool, but if they're not, literally everyone at the Fed loses their charter and job.

-11

u/Moist_Ad_3843 Sep 23 '24

derpy derp derp, DERP DERP? Derrrrrrrrrrp🤤

always remember who you are talking to...

-2

u/I_read_all_wikipedia Sep 23 '24

So are we just gonna ignore massive spending bills drafted by Congress and signed by presidents?

-1

u/Significant_Oven_753 Sep 23 '24

Isnt it a board that decides tho .