2 ms·
Redesign the monetary system from the ground up with modern goals in mind, as opposed to the legacy goals stated in the 1913 Federal Reserve Act. As it stands,
by wu-ikkyu 10y ago
Redesign the monetary system from the ground up with modern goals in mind, as opposed to the legacy goals stated in the 1913 Federal Reserve Act.
As it stands, 2 of the 3 explicitly stated goals of the Federal Reserve system are:
1. achieve maximum employment
2. maintain stable prices
Exponential growth of computing and automation makes #1 a sadomasochistic, obsolete, and counterproductive goal as putting everyone to work would mean us having "too many cooks in the kitchen".
Stable prices is also counterproductive and counterintuitive, as automation is making goods and services better, faster, and cheaper. Prices should tend toward zero in an increasingly automated labor market.
https://en.wikipedia.org/wiki/Ephemeralization https://en.wikipedia.org/wiki/Ephemeralization