MartketWatch: A central tenet of Federal Reserve policy — that a central bank should remain independent from the national government — is outdated, in light of the lack of demand suffocating the economy, said former Treasury Secretary Larry Summers on Thursday.
Central bank independence “comes from an understanding of the macroeconomic policy problem that is not relevant to current times,” Summers said in a speech at the International Monetary Fund.
Just do MagicWalrus cross StandardS&L, and you get CentralBanking. Screw it up, we can make a maximum entropy pit boss for your contraption. Basically, we find the central principle, red/green it and make a Huffman pit boss on that. Congress can order, by threat of force, that member banks go trade there. We can make a special, write_a_leter_to_janet , to verify every trade. The pit boss responds with sent_to_heaven_above, and gives everyone a fair warning about a queue gap.
But I have yet no theoretical framework for cross, a function we will need for verification. And, there remains the finite possibility that Chuck Schumer could cause a collapsing black hole, destroy the all.
No comments:
Post a Comment