It is a great ledger system for the tax dollar. An ATM retail monopoly fee of a half point for Treasury is fine.
We would rather the monetarian/fiscalarian would partition their theories, they can both be true for independent agents.
Mixing the two is friggen up the Swift system, bad news. Technology gives us an opportunity to expand the Swift market, make it fair and available at low transaction fees for anyone. That has a value, a business plan in which we would allow an inflation tax for Treasury, over a period long enough so all parties can abuse it. Seriously, locking up the Swift system is really a very bad idea. Freeing Swift is well worth a small inflation tax, finite renewable.
This is exactly the problem we had with radio spectrum, the problem the Nobels solved, exactly that problem. Due Process banking is meant to be a natural, hardly noticed, universal, and neutral accounting system. We really need a better partition here, someone propose an idea. Let's make a market, Swift vs Treasury, let's find that allowable inflation tax and free Swift in the deal.
Taxes will pick up everywhere. Like wealthy whales see that regulated banking provides a voluntary path to control taxes. That is Swift is not a direct tax collector. The the whale has a Wile E Coyote because of real productivity growth within the Swift money system. That growth defeats his hedge, and he has to move his capital into market.
That money velocity is market share, we may not have a dip except the Sift system is losing market share. Velocity is moving elsewhere, including into different liquidity systems. We want Swift to compete well, much better then the other boneheads. We want Swift bankers intimately involved with contract, verification, oracle duties, automation and collect good fees for doing so.
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