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by lsiq
1233 days ago
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So you're telling me that a few stuffy bureaucrats earning a salary of few hundred thousand a year are the ones who decide what happens to the money of billions? Think again. I'll give you a big hint, both the first and second presidents of the ECB previously were part of the same small and obscure NGO concerned with the history of banking. |
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You’re describing the leaders of the G-10, their central banks’ governors and the world’s most powerful legislatures, who pass the Basel Accords into law, as “stuffy bureaucrats.”
If you’re looking for conspiracy theories, the FOMC is far less elected, and arguably far more powerful, than the committees passing non-binding regulations on capital requirements and leverage limits.