Saturday, December 26, 2020

It s not that complicated

Do we need a new constitution for central banking?

Paul Tucker has a large list of mostly what central banks do not do.  Insead he should  list the pillars of the monetary base and you have it. This list of three things are all well defined in the Constitution

1) Sanctity of debt - This means fiat bankers try not to interfere in fair markets.
2) Power to Coin - Belongs to Congress and includes the right to double spend. This will be transferred to Treasury with limitations
3) Power to tax. Remains as is.

There are not many combinations of the above and having Paul Tucker go hog wild with an assortment of unrelated items just jams up the process of reform.

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