Umair Haque / Bubblegeneration
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Design principles for 21st century companies, markets, and economies. Foreword by Gary Hamel. Coming January 4th. Pre-order at Amazon.


 
Tuesday, August 17, 2010

21st Century Monetary Policy


"...Here’s my proposal. We should try to arrange things so that the marginal unit of CPI is purchased with “helicopter drop” money. That is, rather than trying to fine-tune wages, asset prices, or credit, central banks should be in the business of fine tuning a rate of transfers from the bank to the public.

During depressions and disinflations, the Fed should be depositing funds directly in bank accounts at a fast clip. During booms, the rate of transfers should slow to a trickle."

Fantastic. Now there's some institutional innovation for you: radically democratizing, decentralizing, and deconcentrating central banking as we know it.

And he even nails the real ethical justification for positive sum wealth transfers later in the post. Beautiful stuff.

-- umair // 10:15 PM // 0 comments


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