zxq52
zxq52 t1_jaasj8y wrote
Reply to comment by DorkRockGalactic in Some companies are already replacing workers with ChatGPT, despite warnings it shouldn’t be relied on for ‘anything important’ by Gold-and-Glory
The federal reserve absolutely creates dollars. Describing various open market operations it engages in changes NOTHING. You are just describing the general operation.
>However it's better characterized as an abstraction of obligation.
It spends as money, it's money. It's just plain stupid to suggest otherwise.
Once again US banks are no longer fractional reserves. I posted the link.
>can give you your 1000 dollars back when you ask for it even if the person they loaned 800 dollars to hasn't paid THEM back yet.
This hasn't been an issue since the vast majority of money went digital. They don't even consider it any more. The point of the reserves in the past WAS so you could they could hand out paper money and overall would have enough.
>It's a complex system and it's hard to understand
Not at all. It is when you want to be deceptive.
>The complexity and the abstractions all over the place make it seem nefarious until you understand it better.
That's just funny. A central authority with absolute control over everyone's lives that has the ability to create endless amounts of money with no one able to know how they spend it...nahh....not nefarious at all.
>t's not just the fault of the Federal Reserve it's our leaders across the board in corporate offices, in government, everywhere to blame.
No, it's just the central banks. That's really it. Good to know their sycophants are all over the place though.
>It's more of a tool that doesn't care one way or the other.
Cool. Let's audit it.
>It's better to focus on the political leaders as well as people in the executive and judicial branches because they can actually do something about it, and they haven't. They've been working for the very rich.
If you aren't working for the bankers, you should be! They'll pay you handsomely for this level of propaganda.
zxq52 t1_ja6kgf5 wrote
Reply to comment by dwarfarchist9001 in Some companies are already replacing workers with ChatGPT, despite warnings it shouldn’t be relied on for ‘anything important’ by Gold-and-Glory
It's not even a fractional reserve any more and it absolutely creates dollars. In fact the banking system is the only thing that does create dollars.
It doesn't surprise me in the least though that reddit defends the real culprit. Go after the little guys is always the response here or something unrelated like small and medium size businesses.
In short, the banking system ABSOLUTELY creates dollars and is the only thing that does.
They stopped requiring reserves in 2020. https://www.federalreserve.gov/monetarypolicy/reservereq.htm
You may be one of those that tries to call dollars debts or some such nonsense but they are literally dollars. They spend as dollars and are legally accepted as dollars and only they are accepted as dollars. They are dollars. Sorry.
zxq52 t1_ja5q2n5 wrote
Reply to comment by just-a-dreamer- in Some companies are already replacing workers with ChatGPT, despite warnings it shouldn’t be relied on for ‘anything important’ by Gold-and-Glory
It's the bankers not some programmer. Guaranteed most here think the US government creates dollars. Nope, only bankers create dollars. In fact, even the physical bills and coins which represent less than 5 percent of total dollars are paid for by the central bank to the treasury. Digital dollars they just wish into existence.
zxq52 t1_jab2emv wrote
Reply to comment by DorkRockGalactic in Some companies are already replacing workers with ChatGPT, despite warnings it shouldn’t be relied on for ‘anything important’ by Gold-and-Glory
I guess it's crazy to think an entity that can create endless amounts of money could become evil.
You're right. Let's just vote harder.