0 sats \ 1 reply \ @denlillaapan OP 8 Nov \ parent \ on: MONEY CLASS OF THE DAY: Fed Independence and Can Trump Really Fire Powell? econ
While "true", also beside the point.
Banks create private L2 money on top of government L1 money. They're pretty constrained/dependent on overall monetary conditions
The banks enjoy the vast majority of fiat issuance and the debt slavery it delivers...and the profits that flow from it.
It is the most profitable government backed rigged market in existence.
They in practice operate, control and profit from the fiat debt based monetary system that government imposes.
Through the Fed they enjoy this...and can exclude other from it.
The only constraint is imposed by themselves via the Fed which gives them their privilege and maintains their extraordinary privilege.
They literally control and direct the core function of capitalism- the issuance and allocation of capital via fiat debt issuance.
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