The Dirty Fed makes strange bedfellows.
Right-wing libertarian Karl Denninger hates Ron Paul's proposal to evaporate the Treasury debt held by the Fed. Left-wing bankster-hater Yves Smith likes the idea.
UCSD's Jim Hamilton presents a fair and balanced view at Econbrowser, along with operational details and what it might mean for bank reserves and inflation.
Me? I'm all for it. Let's get the inevitable default/devaluation over with, abolish the Dirty Fed, and start over with sound money and responsible fiscal policy.
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