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this post was submitted on 27 Jul 2024
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Asklemmy
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Most central banks are run by unelected civil servants appointed by the head of government or a similar position/body. By this logic, the US dollar, Japanese yen, Chinese renminbi, and British pound equally do not belong to those countries. The ECB is just subject to the heads of 27 governments instead of one.
In the case of the US, the Federal Reserve is our “central bank,” and it too is largely the cartel of US private banks. But it doesn’t create new money—bank loan-created money notwithstanding—the Treasury does. And the system is intentionally made more complicated & opaque than necessary so that almost no one understands how it all works. So in practical terms you’re somewhat correct. But the US government isn’t as under the neoliberal thumb of the private banks as Europe is, at least when it comes to printing money for the military-industrial complex. Why the [US] Government Has Infinite Money