No, add a tax currency, but the dollar is still a tax currency and still controlled by the non-profit Fed. Our new Fed will not be afraid to compete for the tax payment business. The one unrelenting demand is that the New Fed get fair competition for large government accounts.
I can send web pages talking the contract, but the contract is about one page long. The key points addressed:
- Default amount and contract term, including renewal
- Government accounts
- Boundaries for S/L market making, contracted currency risk function.
- Congestion pricing on entry and exit for account holders (free exit and entry is the name)
This is a good, simple, and lucrative contract for Congress, they will agree when the economists agree, or when the math guys just over run the economists. Consistent with history, fairness and theory.
The key is to understand the new monetary stimulus, it is a Wiener process, bettable along the way for all, including the Fed. There is never an impending hyper inflation, but there is an apparent trend, up, in direct inflation. And that direct inflation is compensated via productivity gains. We will have a run of productivity to compensate direct inflation, Moore's Law, then back to a disinflation and contract renewal. No one bitching about the Fed constantly. This is about better spectral packing because the New Fed has commutative power increased.
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