Judy Shelton wants a peg

 Fix What Broke: Building an Orderlyand Ethical InternationalMonetary System

She  wants perfectly accurate money, and recommends a world peg, like we had in Bretton Woods. This is doing the first half of 'Peg then run', but we ended up doing the run part anyway.  She does get the central bank problem, but the new Bretton Woods should fail for the same reason the old did.

The solution? Legalize peg and run. And the right tax is a negotiated inflation tax, double spending by Treasury. If we are going to peg and run, then let go ahead and use a trading pit to set terms.

Money is not perfectly accurate. There is a currency risk that is unknowable, ex ante, and known well ex post. It is a fact of all self sampled systems. If we fake it then half are unaware, and the other half have it hedged. We are unbalanced, the unknowable will be positive, sorry, and unknowable costs should be paid for in the pits on occasion.

Stephanie Kelton has the upper bound problem. The imbalance error is not likely greater than 2%. at optimum. So if the proposed double spending exceeds that amount, all parties will prefer cash over programs, wanting to hedge the budget. She will settle into a 1.5% double spending tax with variance limits.

Central banking, natural currency risk, imbalanced government, and a valuer chain.  There is only one solution, open the system for betting more often. The pits solve congestion and stop the kinetic cycles. The bets in the Swamp then match the clearing cycles in the states and districts, with the help of set aside liquidity. The Fed keeps the even keel with the power of its monopoly fee. Make the partitions bet the future, more often.