Wednesday, December 6, 2017

A Trumpster Fed nominee

One is simple: Abolish paper currency, which means that to pay for anything, you’d have to use money kept in a bank.
From 
Goodfriend presented a paper on it in 2016 in Jackson Hole, Wyo., at a high-profile annual conclave of central bankers. His title: “The Case for Unencumbering Interest Rate Policy at the Zero Bound.” 
Doctor Goodfriend wants government to zap our smart cash cards.

The third option: currency cards, which would look like credit or debit cards but would represent real money, straight from the Fed. The Fed could control its value electronically. Goodfriend argues in the paper that “the public would likely find electronic currency an acceptable alternative to paper currency.”
No he isn't, don't even bother.

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