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Issue #1211: The competition isn't very transparent

Issue #1211: The competition isn't very transparent

May 17, 2022
Marty's Ƀent

Issue #1211: The competition isn't very transparent

Here's a peek into the opaque nature of the Federal Reserve from PlainSite, an organization that aims to bring data transparency to the world of law-making and policy. They recently attempted to use the Freedom of Information Act gain access to Jerome Powell's emails that contained no subject or had "No Subject" as the subject of the email, but were denied by the board of governors for a "lack of context". Don't you think the organization that controls the levers to the reserve currency of the world should be an open book? If they have power over the USD, a tool that affects every human on the planet, we should all be able to know EXACTLY what is going on behind the scenes.

A citizen, or an advocacy group working on behalf of citizens, should not need to be specific about a particular email subject line to get access to the dealings of the Fed. What's worse, it seems as though the Fed is likely leaking information to powerful Cantillion insiders before major policy moves.

If you recall, the Fed tapped BlackRock on the shoulder during their massive money printing spree in the Spring of 2020. Why should BlackRock be a fed insider? Why should they have any part of the distribution of our money? Why is Jerome Powell calling Larry Fink before pivotal policy decisions? Was the information Jerome shared with Larry in September of last year material? Was BlackRock able to make business decisions off that information before it was released to the public? We'll probably never know. And the academics at the Fed and in mainstream economic circles probably have explanations as to why these behind the scenes conversations are necessary. They'd likely say these types of private conversations are necessary "to ensure the smooth facilitation of monetary policy at critical junctures".

Every single thing the Fed does should be broadcast to the world immediately. Again, their decisions affect the most important tool in the world; money. The public should know how decisions are being made because those decisions have material effects on the ability for people to save or simply operate within the economy. This is how money would work in a sane world. Unfortunately, in the world of fiat currencies wholly controlled by a few central banks and their cronies who coordinate behind closed doors, private telephone lines, and private emails this is not the reality.  

Luckily for us, there is some sanity left in the world of money and it exist in bitcoin. Anyone who is so curious doesn't need to submit a FOIA request to access information about how the bitcoin protocol is being built out. They can simply go to GitHub, audit the code held in the repositories of the various bitcoin full node implementations, follow along with the conversations about the technical details of the protocol. Anyone who is so motivated can sign up for the bitcoin-dev mailing list and read the discussions developers are having about bitcoin improvement proposals. Full transparency is the status quo in bitcoin. Full transparency is what one should demand when it comes to money. The way money works affects all of us and no matter how hard the academic economists who currently run the fiat system try to make you believe otherwise, this is an undeniable fact. It should be a human right to be able to access and audit the inter-workings of your monetary system for yourself.

Fix the money, fix the world.

Final thought...

The two year old got absolutely butchered at the barber today. Hate to see it.

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