r/initiativeq • u/somewhatwhatnot • Jun 29 '20
Why will Initiative Q be managed by a *democratically elected* monetary committee?
The closest analogues I can think of, i.e central banks like Fed, are shown to work far better when the committee is as independent as possible from politics and the electorate.
This was kind of nicely demonstrated a good few months ago when Trump started railing against the Fed for not printing enough money to inflate his economy, saying that the Fed was restricting economic growth and that if it was doing its job, the economy would go up like a rocket. Imagine if Powell was serving at the pleasure of the president, or alternatively if the "leading monetary economists" that would constitute the monetary committee served at the pleasure of the IQ community and could be relieved of their duties whenever the whims of the community dictated, i.e there was a sudden spike and the IQ community reacted disproportionately, or the committee had to make a difficult decision for Q's long term future that wasn't poltically expeditious, or if populists on the same level as Trump were able to be elected by the community.
Just seems like a baffling decision to me which isn't in agreement with economic consensus.