Central planning with Mish

We do not need another "Bretton Woods". Nor do we need a useless "I favor mom, apple pie, global peace, and sisterhood equality" speech.

We need sound monetary ideas, free trade, the end of fiat currencies, and an end fraudulent fractional reserve lending.

I am a central planner too, ex post.  Nixon got government out of the gold mining business, anti-socialism there.  We cannot end fiat currencies, it is in the Law.  But monetary systems are becoming much more competitive. I dunno how he defines fractional lending, but there is always currency risk, it goes with price discovery. S/L technology remains and it will measure and price currency risk as best as possible.

Sound money is optimally imprecise money, is uncertainty reflects price discovery in the real world. Mish's own uncertainty principle guarantees currency risk. Ultimately price is found at auction, the trading pit, as our new Nobels should be saying. The serialization of trades sets a trading pace and round robin access yielding uncertain congestion in the pits. Price discovery is keeping the uncertainty to within some ex ante bound. That trading pit is an S/L pit; collectively, risk adjusted traders back themselves to the fixed level of uncertainty.  Everyone shares the uncertainty cost if the pit is standard sandbox, automated S/L.