Heresies for Lab Rats
Wheat and Chaff
“These highs in the stock market may actually mark the lowest point for political morality and fiscal responsibility in our time.”
2015 Kansas City Fed paper on abolishing paper currency:
We're all just lab rats to these people.
“The most straightforward way to unencumber interest rate policy completely at the zero bound is to abolish paper currency.
In principle, abolishing paper currency would be effective, would not need new technology, and would not need institutional modifications. However, the public would be deprived of the widely-used bundle of services that paper currency uniquely provides—a generally accepted paper medium of exchange providing transactions services especially for low-value transactions; a readily accessible, safe liability of the central bank; a store of value; a degree of privacy in financial management; and the option to hold money outside the banking system and to withdraw deposits at par as paper currency in times of financial stress.
Hence, the public is likely to resist the abolition of paper currency at least until mobile access to bank deposits becomes cheaper and more easily available, ATM charges for access to paper currency become excessive, and/or electronic currency substitutes become widely available.”
In other news…
Can someone explain to me how the public is allowed into the New Orleans killer’s house the day after his attack? This makes no sense, and the entire thing looks staged to me.
Dad: "This is $500?"
Daughter: "It's normally $600."
Dad: "No it's not. It's abnormally $600."
Keep reading with a 7-day free trial
Subscribe to A Havenstein Moment. to keep reading this post and get 7 days of free access to the full post archives.