You said that the U.S. president controls the Fed, and that is just objectively incorrect. My point is to correct that, so that you and anyone else reading will know better. I thought that was pretty clear.
> AFAIK he also technically has the power to fire him too.
No, he doesn't, so your knowledge doesn't go very far here.
And by the way, although the U.S. president nominates the Fed chair, he or she must be approved by the U.S. Senate. So the president can't pursue a specific monetary policy agenda via an appointee unless the Senate agrees.
> Can you use the dollar to buy food at a foodstand in Germany? No.
Sure, but the dollar is used for more international trade (e.g. oil) than any other currency, and is also a store of wealth probably more than any other currency.
For instance, many Germans hold dollars in the form of US Treasuries, because they actually pay a positive yield, unlike German government debt.
Anyway, if you are afraid of Libra, and I'm with you on that. The solution is decentralized currency like bitcoin, not fiat. The Fed is pursuing a long-term suicidal interest rate policy (too low) and the ECB is no better off. Plus, the U.S. government has started using dollar banking regulation as an international weapon (e.g. Iran sanctions), so there is a rising risk that eventually other countries will wise up and stop using the dollar, and that will destabilize it.
You said that the U.S. president controls the Fed, and that is just objectively incorrect. My point is to correct that, so that you and anyone else reading will know better. I thought that was pretty clear.
> AFAIK he also technically has the power to fire him too.
No, he doesn't, so your knowledge doesn't go very far here.
And by the way, although the U.S. president nominates the Fed chair, he or she must be approved by the U.S. Senate. So the president can't pursue a specific monetary policy agenda via an appointee unless the Senate agrees.
> Can you use the dollar to buy food at a foodstand in Germany? No.
Sure, but the dollar is used for more international trade (e.g. oil) than any other currency, and is also a store of wealth probably more than any other currency.
For instance, many Germans hold dollars in the form of US Treasuries, because they actually pay a positive yield, unlike German government debt.
Anyway, if you are afraid of Libra, and I'm with you on that. The solution is decentralized currency like bitcoin, not fiat. The Fed is pursuing a long-term suicidal interest rate policy (too low) and the ECB is no better off. Plus, the U.S. government has started using dollar banking regulation as an international weapon (e.g. Iran sanctions), so there is a rising risk that eventually other countries will wise up and stop using the dollar, and that will destabilize it.