Important to note that this is the president of the Federal Reserve Bank of Minneapolis (misspelled in the article), not the Chair of the Federal Reserve, who leads what we generally think of as the "fed."
They do until they don't. e.g. (1). Regulation has a role in acting now to prevent harm down the road.
1)
https://en.wikipedia.org/wiki/Pyramid_schemes_in_Albania
https://thetchblog.com/2019/03/18/albanias-pyramid-scheme-ni...
As for the influence of a Federal Reserve Bank of Minneapolis president, it's complicated. They're appointed by the board of directors of the Minneapolis Fed, and the directors are elected by the member banks — it's not a top-down process. To give perspective on size, the Minneapolis Fed has around $40 billion in assets, compared to the Fed's total of $8 trillion.
There's way more that also matters, but the Minneapolis Fed's president is nowhere near Jerome Powell in influence.
That title belongs to Emilio Botín, who used to lead Spain’s largest bank and hid several hundred millions in a secret account in a Swiss bank.
Botín is spanish for pirate booty :)
I loved when the Botin story came out. Hi name was poetry in motion!
Even if Jerome Powell came out every day just to say "Fuck Doge, it's a scam", the response from crypto enthusiasts would be "That's exactly what you would say"
It's all about the fact that there's a not insignificant number of people who won't regard his comments at all due to his position. In fact will assume that he's being intentionally harmful due to his position.
Also, how do we measure "skin in the game" with crypto.
Is holding Doge skin in the game? What about crypto in general? What about currency? If the most fantastic promises of crypto come to pass, it'll replace fiat currency. So the success of crypto kind of comes at the expense of fiat. So by holding fiat, we could consider that skin in the game on some level.
Yes.
>So by holding fiat, we could consider that skin in the game on some level.
Also yes. However, the leader of the fed is, for all intents and purposes, king fiat. There is no person with more interest in maintaining the current system than someone in charge of the fed.
That's all good. I was unsure about where you thought the line was as it gives context to that statement.
Sure there is; Fed Chair is a job, not an investment, and its a job taken by people who are politically well connected and likely to get other jobs, should they want them, based on those connections.
There lots of people who have proportionately more to lose from problems in fiat than the fed chair.