A Modest Proposal
March 21st, 2009 by Joseph Carpenter
A post from Greg Mankiw’s blog. Highlight:
With this background, I can now state the proposed solution: Reduce the return to holding money below zero. Imagine that the Fed were to announce that, one year from today, it would pick a digit from 0 to 9 out of a hat. All currency with a serial number ending in that digit would no longer be legal tender. Suddenly, the expected return to holding currency would become negative 10 percent.
It can’t be worse than this.
This is the kind of shit that would happen if we had double-blind democracy.
You should make another post about that. It is mostly your idea, after all.
Mostly? I made up all that idea. I’ll post it next weekend.