It’s about more, though, than just archiving data that might be restricted or deleted. For historical and reference purposes it is vital to create copies of information you think might be lost. Past data is useful to give a picture of society and the planet at a given point in time, and it’s essential for analyzing trends. But unless this digital library of data—a library funded by taxpayers—is available to everyone, it won’t be able to do what it was gathered to do, which is to help inform our understanding about the world and guide decisions.
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This coincided with the recognition that under the existing system, American hegemony could be threatened. China had become a genuine competitor challenging American interests. The technology gap between America and China was narrowing, China was flexing power in the Asia-Pacific, and challenging America in international institutions. The liberal international order was no longer serving the purpose of American hegemony. Maintaining global American dominance needed new foundations.
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GN JF: So far, it looks like the Federal Reserve’s independence and integrity may be strengthened by this experience. I have been heartened by the widespread support it has received from across the political spectrum and from everyone ranging from former economic officials to business leaders. There is a good reason there is a broad agreement on the independence of the Federal Reserve, which is that it works pretty well. Not that the Fed is omniscient or omnipotent, but that it is better than the alternatives in part because it is good about learning and correcting its own mistakes. To me, it seems like the Congress, the business community, and the courts all have the Fed’s back—and the Fed is showing through its integrity that it deserves that trust.
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