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Comment by CPLX | Hacker News Reader

This is a ridiculous statement. The Fed is a profoundly undemocratic institution that harnesses the power of the state to serve the interests of capital, and its current form is a recent development that coincides with the financialization of our economy and the decimation of manufacturing and the middle class.

If you want the full argument it’s here: https://www.thebignewsletter.com/p/federal-reserve-independe...

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It's good that the Fed can set monetary policy without pandering to whatever short-term goals politicians have at the time, as they've thoroughly proven their incapability to tackle long-term challenges like the deficit.

I also don't think that bailing out SVB is a sign that Dodd-Frank was just symbolic, since not doing so would have pretty significantly hurt the USA's tech sector, which is is strategic nationally for the economy.

But I can see an argument for limiting the Fed's purview to mostly be about monetary policy and less about enforcement of legislation, as it's done in other countries.

I don't think its any less democratic than any other government organization run by appointees. Manufacturing's decimation had far more to do with globalization than banking regulation IMO.

How dare you be critical of capitalism on ycombinator?

What the Fed does isn’t “capitalism” it’s literally a government agency that sets prices.

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