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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.

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2 Responses to “A Modest Proposal”

  1. 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.

  2. Mostly? I made up all that idea. I’ll post it next weekend.

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