The central bank decides. A majority view by the IMF? That might be a little bit of a stretch. We’ve all seen a couple of these discussions. They’re often followed by a few minutes of applause from the audience. This has always been true in the US. (You don’t really hear many people in the US saying they think that the Fed shouldn’t control it.)
Is there a way to have an independent central bank without having any monetary authority in America? Yes, but it requires a lot of institutional change.
The United States has traditionally had no monetary authority and was a central banker, if not a Federal Reserve agent. This is not the case with the rest of the world. The dollar, which is denominated in US dollars, has been widely accepted throughout the world. For over 50 years that’s basically been the case. But what happened in recent decades is that the US dollar came to be denominated in all sorts of other currencies. From gold to pesos, Singapore dollars to euros, yen to dollars. These different currencies have to be accepted by the world, and are usually treated as commodities. You may have a country that only uses these denominated currencies, and those countries will often have their own central banks. This is a pretty neat concept, and it doesn’t really affect the US dollar in the long run. But it does pose a problem in the short run, especially if you want to create a currency free of all the world’s currencies.
How many countries would need to adopt a different monetary system and what does this have to do with Bitcoin? The US federal reserve has not historically been used to create money in the American economy, and while we still use the Federal Reserve Banks for some of the money-creation, they’re much more limited than those banks are in Europe. The US is a member of the G20 but the European central banks, and the big banks, don’t really operate in the US. They can’t create dollar denominated assets directly without going through the federal reserve. That makes it a huge stretch as far as being able to create money in Bitcoin. The Fed has taken steps to make their money a little bit less dependent on government in the past, but they’re not ready to go that far. So a lot of countries are still stuck with the old system and trying to figure out where to get some new money for the future, whether that’s from the government or whether that’s created from private markets.
There’s really not much room
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