> there are 10s of millions of people in California who have been trying to get healthcare reform passed
I was responding to "who...believes this is a likely scenario?" The argument isn't "this will happen." Just that it shouldn't be beyond the pale of reasonable debate. (Like universal healthcare.)
> If the Federal Reserve decided to implement capital controls, I doubt it would happen democratically
Capital controls are populist. They shift power away from the wealthy to those at the political levers. The Fed would almost certainly not do this; the Treasury could under emergency powers. The potential for popular support would give them cover to do so.
>Capital controls are populist. They shift power away from the wealthy to those at the political levers.
No? Capital controls in western history is hardly populist. When I think of populist economic movements, the Bretton Woods System doesn't come to mind. And it's clear China's capital control serve to keep power in the hands of the autocracy; not the other way around.
If the value of the dollar was spiraling to zero it's the Fed, and their clients, that would have the most to lose.
I was responding to "who...believes this is a likely scenario?" The argument isn't "this will happen." Just that it shouldn't be beyond the pale of reasonable debate. (Like universal healthcare.)
> If the Federal Reserve decided to implement capital controls, I doubt it would happen democratically
Capital controls are populist. They shift power away from the wealthy to those at the political levers. The Fed would almost certainly not do this; the Treasury could under emergency powers. The potential for popular support would give them cover to do so.