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Maybe they need to add a random assortment of characters

Yeah, seeing characters faces and how they react to your choices would add a lot of flavor. That's how the old Sim City games used to be like.

island kingdom where the king = federal reserve

That's the DLC!

hard to isolate federal reserve policy

Exactly. I'm not sure how accurate their simulation of the economy is, but they probably give too much weight to the Fed, simply by virtue of not modeling all the other stuff going on in the world at the same time.