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20 sats \ 6 replies \ @Undisciplined 4 Sep \ on: U.S. Labor Market Growth Slows Dramatically in August with 54,000 Jobs Added econ
End the Fed!
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The truth is that governments take on this job when the liabilities that they built up in order to gain power become greater than their capacity to pay them down, and when there is another country that is trying to pay down it's liabilities by raiding the assets of other nations (e.g. WW1).
There is no necessary role for government in the monetary system, it's a desperate gambit of a failing governance system that starts grabbing control of the monetary system, because that is what their liabilities are denominated in.
If you promise to build a tower 1000 metres tall and you can decide the length of a metre, it's only natural that you will adjust the measuring stick in order to deliver on your promise.
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No, it’s not a job that anyone has to do. Money has existed for most of human history as an emergent decentralized phenomenon and that money worked better than our bureaucratically managed money.
FWIW, I agree that Congress would do a worse job.
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It’s exactly the opposite. The more complex the economy the more important it is to allow market forces to integrate the dispersed knowledge from around the world.
No one is smart enough to do that job, even if they had the best intentions (which they never will).
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Good answer
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