The ability to set the foundation interest rate is unaffected.

Wasn't the ability to dictate any substantial part of the mark-ups on the foundation interest rate surrendered decades ago?

Once they allowed commercial banks to count capital gains for increases in the guessed-at values of assets without a market (instead of waiting until a profit has been realized on an asset) ... that is, "mark to model" ... they surrendered capital controls.

So, lost control? More like they voluntarily gave up control.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.