Need I say more for the municipalities. It is velocity they miss because dollar velocity comes with Fed burdens. So we get Swift out of the Treasury business, and an optimum path on sales taxes is observed. At least the localities observe the whole picture (maximize entropy). Fiat banking is liquid once again.
Then pension get a fair interest on bonds once Treasury handles double spending, the inflation risk fairly observed, once again. Expose the constraints to congestion pricing. That was what the new nobels were about.
And, over all efficiency means the revenue sharing helps local imbalances in tax and benefits.
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