>>25342

Uhh the US already has monetary sovereignty (by comparison countries that joined the EU gave up their monetary sovereignty except the UK who kept the pound). The fed simply acts as the bank for the US Treasury (makes/recieves payments for the treasury) and gets its charter from Congress. All the fed does is execute monetary policy (interest rate mgmt) but they don’t set fiscal policy. The only thing the fed has the autonomy to do is buy/sell bonds in order to hit its overnight interest rate target (fed funds rate). Congress sets fiscal policy (taxing and spending) so its important to understand that distinction.

We have a free floating non convertible fiat currency. The fact we have a non convertible currency gives us freedom from the money markets (spending isn’t dependent on tax/bond revenues) and more fiscal space (the only restraint on spending is inflation/real resources available in economy) since the money supply isn’t tied to a commodity such as gold. Everytime congress approves spending those are newly created dollars. Everytime there is taxation it destroys dollars.

Those who understand how non convertible money systems work have understood what I mentioned above for decades. From 1946 “Taxes for revenue are obsolete” by former chair of NY Fed branch:

m.huffpost.com/us/entry/542134

Video of greenspan schooling Paul Ryan on the fact that the US govt can never become insolvent and the only constraint to US fed spending are the real resources (labor, raw materials, facilities, etc.) available in the economy:

youtu.be/m6MGX1AKFm4

The fed takes some money for operating costs but returns all profits back to the treasury each year.

Sauce:

wsj.com/articles/fed-sent-record-97-7-billion-in-profits-to-u-s-treasury-in-2015-1452531787

The root cause of our current woes is congress isn't directing its sovereign spending power towards the 99%/public purpose and instead spends to line their cronies pockets mostly via military budget taking up 50+% of all federal spending.

That being said I’m all for opening the books of the fed, more auditing/transparency, etc.

>>28413

Lol. How about you debate the points I made and sauce I provided instead of acting like a lil bitch? You have any sauce of your own or just your ignorant opinion?

Again, we arent on a gold standard/convertible currency anymore and you seem to have no clue about how a fiat monetary system actually operates.

The fed has no control over our money supply only monetary policy by setting the overnight fed funds rate (rate at which banks lend reserves to each other).

Congress controls our money supply via fiscal policy. The way the fed is setup isn’t perfect and I’m sure some folks are finding ways to skim money here and there but the root cause is fixing our corrupt congress so they spend for the public good not just the 1%.

Learn monetary sovereignty, sectoral balances, and fiat system central bank operations. Attached pics should give you a good start.