Ignoring time preference is the fundamental error behind monetary planning. It is why in a successful economy, monetary intervention by the state is kept to a bare minimum, or preferably banished altogether.
Contrary to popular thinking, the velocity of money does not have a life of its own.
Monetary policy has gone from being a tool to support fiscal reforms to an excuse for not implementing them.
By slapping new regulations on high-interest credit cards, Bernie and Ocasio-Cortez will just prevent high-risk borrowers from getting loans.
"Digital cash" is the latest terrible idea from those who want to give central banks more power to meddle in the economy.
Deflation is not a matter of animal spirits or consumer expectations. It is the result of earlier creation of money "out of thin air" by central banks and commerical banks. Deflation is the natural result.
Central Banks and the fiat reserve dollar hegemony won’t cede their power to cryptocurrencies easily, and they're now resorting to a return to precious metals to stave off the threat of individual monetary sovereignty, Bitcoin, and the digital revolution.
Central banks' economic models repeatedly and incessantly over-estimate economic growth. We can only speculate as to their motivation.
