|
In the next Two Years, Congress
should:
|
|
Long-term
Goals:
|
- uphold its constitutional
duty to maintain the purchasing power of the dollar by
enacting legislation that makes long-run
price stability the
primary objective of Federal Reserve monetary policy;
- recognize that the Fed cannot
fine-tune the real economy but can achieve monetary
stability by following a rule that confines nominal
growth of gross domestic product to a noninflationary
path;
- hold the Fed accountable for
achieving zero expected inflation over a reasonable time
frame;
- abolish the Exchange
Stabilization Fund, since the Fed’s role is to achieve
zero inflation, not to stabilize the foreign exchange
value of the dollar by intervening in the foreign
exchange market; and
|
- offer no resistance to the
emergence of digital currency and other substitutes for
Federal Reserve notes, so that free-market forces can
help shape the future of monetary institutions.
|
|
- A Guide
to Digital Cash Articles
|