Honestly I think pretty much anyone could build a better financial system, and more people should try. What we have now is the result of centuries of unchecked power. This monetary policy was created by Richard Nixon and then we adopted a Keynesian rationale post facto. It didn’t evolve, it was stolen.
If you’ve got another idea (including moneyless systems) I’m down to try that too, but what we’ve got right now is pure garbage, and having no out before the modern era doesn’t imply that it’s good.
The modern banking system and monetary policy was created under FDR. Nixon just stoped pretending it was backed on gold and told de Gaulle to kick rocks when he asked for the gold back.
Realistically the changes under Nixon are peanuts compared to the digitization of it all since the introduction of systems like Swift.
Honestly I think pretty much anyone could build a better financial system, and more people should try. What we have now is the result of centuries of unchecked power. This monetary policy was created by Richard Nixon and then we adopted a Keynesian rationale post facto. It didn’t evolve, it was stolen.
If you’ve got another idea (including moneyless systems) I’m down to try that too, but what we’ve got right now is pure garbage, and having no out before the modern era doesn’t imply that it’s good.
The modern banking system and monetary policy was created under FDR. Nixon just stoped pretending it was backed on gold and told de Gaulle to kick rocks when he asked for the gold back.
Realistically the changes under Nixon are peanuts compared to the digitization of it all since the introduction of systems like Swift.