Every bank and credit card is also an unsanctioned mint. It works fine. The actual minting of money has not been a major factor in managing the money supply in a long time. It's all done by setting interest rates.
Very much not true.
Quantitative easing, the process of minting money to inject liquidity into the economy, was a core tenet of the Obama administration’s* response to the Great Recession. Literally trillions of dollars created to purchase bonds and mortgage backed securities to prop up the economy.
Edit: It was during the Obama administration but implemented by the Fed, which is independent of the White House administration (thank god.)
I was half-listening to Jerome Powell (Fed Chairman) testify before congress today and one congresswoman (CW) asked him (JP) something like:
CW: Are there any tools you need that we can give you?
JP: No, we have all the tools we need at the moment.
CW: Well what about directly purchasing municipal bonds? I learned you aren't allowed to do that.
JP: That type of activity is outside the scope of our mandate.
CW: Well there are many cities going bankrupt that need someone to buy the bonds so if we give you the power to do that will it help if you can buy them?
JP: The best thing you can do to help is have a sane fiscal policy and reduce the deficits.
I think it was probably in the last half of it.
Edit: Found it. Starts at 1:33:45
> was a core tenet of the Obama administration’s response
Quantitative easing is a monetary policy, not fiscal policy. A central bank dictates monetary policy. An administration dictates fiscal policy.
Would recommend you read this: https://en.wikipedia.org/wiki/Quantitative_easing
?? The parent comment is correct that about the 'actual minting of money' not being a huge factor, in the sense of printing dollars and coins. Quantitative easing increases the money supply, but not via physically printing money.
Banks and credit issuing institutions are heavily regulated and have a variety of criteria that must be met to legally operate in that capacity.
Except the banks and other regulated financial institutions involved in Libra aren’t the entities that will be issuing Libra coin. A separate (I believe non-profit) entity, Libra, is. The financial institutions have “donated” $5 million and will have the ability to appoint a seat on Libra’s board. Do you know which regulator will oversee that entity? Do you know what regulations will apply to that entity? I certainly don’t.
As near as I can tell, we're in agreement about the situation.