Because if it's that central to the economy, representing half of all outstanding dollars, it needs to be managed centrally or bad things are gonna happen?
I mean who watch the watcher, we have democracy for the government right. Even that's an oversimplification, we have the 3 branches and check and balance so that everyone watches everyone else.
>Even that's an oversimplification, we have the 3 branches and check and balance so that everyone watches everyone else.
The Federal Reserve, which manages the current currency, was explicitly made independent of such checks and balances.
Because it’s easy to credibly promise someone their claim is worth X dollars when you (and you alone) control the creation of dollars.