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> Wouldn’t we be giving up an essential lever to adjust to changing economical conditions? Who’s we? You, I, and most people have zero ability to move those le
by zionic 5y ago
> Wouldn’t we be giving up an essential lever to adjust to changing economical conditions?
Who’s we? You, I, and most people have zero ability to move those levers. The question is should they have access to those levers and I firmly believe the answer is no. I’d rather have a world with sound money and no one in control than the people who have dominated the west for the last 100+ years.
- it_citizen 5y agoWe as “citizen of a nation”? If nations no longer control their money, does it mean they can go bankrupt? They can no longer adjust their money to influence their commercial balance? Would have the EU and the US been able to create stimulus packages? What about adjusting the inflation to the economic growth rate of a country? (Genuinely asking)
- landemva 5y agoWe could replace the contract company 'Federal Reserve' (not gov't agency and no gov't employees) with a growth rate formula. Let me know how readily they take that idea.
- grlthng 5y ago> If nations no longer control their money, does it mean they can go bankrupt? Yes, happens all the time where countries default on their debt obligations even when they "control" their money. > Would have the EU and the US been able to create stimulus packages? Yes its called taxation, and maintaining a reserve. Just like how normal people save up for a rainy day. They can even borrow money (bonds) from the public like they've done for hundreds of years. > What about adjusting the inflation to the economic growth rate of a country? The vast majority of failed monetary systems in the last hundred years is due to central banks printing too much money. So maybe we should stop letting the central banks attempt to control something they barely understand?