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"Central Banks Are Better Able To Deliver Price Stability Than A Rigid Monetary Rule Or An Algorithm" by lexiconical

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crypto-news · @lexiconical ·
$8.73
"Central Banks Are Better Able To Deliver Price Stability Than A Rigid Monetary Rule Or An Algorithm"
![Jens_Weidmann,_President_of_the_Deutsche_Bundesbank_(7024162425).jpg](https://steemitimages.com/DQmVbvPSyaLAfdcp2MmuZaXDbvPaK3f8icjsdcATSj2gRxF/Jens_Weidmann%2C_President_of_the_Deutsche_Bundesbank_(7024162425).jpg)

<center>*...ducks in a puff of smoke*</center>

That is a direct quote of Dr. Jens Weidman, president of the German central bank, at the recent "Bundesbank Policy Symposium".

The magnitude of the arrogance it contains is staggering....a rigid monetary rule or algorithm would be the quintessential definition of price stability.

Central Bankers actually think they are better than decentralized, defined perfection.

Dr. Weidman further remarked that *"policy intervention may be required, not to address a crisis, but to address technology. Digitalization has the potential to provide financial benefits to the economy, with the risk, however, of disintermediating central banks."*

He *"dismissed the notion that privately issued digital currencies may eliminate central bank currencies, reasoning that “central banks are better able to deliver price stability than a rigid monetary rule or an algorithm.”*

*“My personal take on this is that central banks should strive to make existing payment systems more efficient and still faster than they already are – instant payment is the buzzword here. I am pretty confident that this will reduce most citizens’ interest in digital currencies.”*

Somehow, I don't think this person has even the slightest idea why people want to leave his rent-seeking, money printing regime for privately-held, un-debauchable currency.

On the plus side, he seems to be overestimating his ability to "reduce our interest in digital currencies".

Source:Wikipedia, Also [Link](https://smaulgld.com/central-banks-fight-cryptocurrencies/)
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vote details (14)
@davebrewer · 
His hubris is matched by that of Greenspan, who caused multiple bubbles and then subsequent collapses as bubbles popped in the US.

STEEM On !!

Dave
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@lexiconical ·
$1.90
The sub-inflation interest rate landscape is one of the weirder monetary instruments in history.
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vote details (2)
@grabarz · 
There weren't that many bubbles in pre-central banking era. Printing money is just another way of wealth redistribution and central banks are Robin Hood in this procedure. The problem is that they steal from the middle class to give to the rich.
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@inquiringtimes · 
that's one of the shorter term benefits we can expect to come from the crypto-craze.  Now the central banks have a competitor. Hopefully, they will be improving their services, while we work on replacing them :)
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@izbing · 
Banks are also more able to leverage countries to touch interest on money that it creates from scratch.
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@mariacherries · 
LOL 😆
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@mrdeerants · 
Does he realize this graph exists?

<center>http://4.bp.blogspot.com/-YTyPGaEsBcw/T0Kd1nS9zJI/AAAAAAAABQw/MhD1cWnfJI8/s1600/Purchasing%2BPower%2Bof%2BU.S.%2BDollar.jpg</center>
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vote details (1)
@lexiconical ·
$10.08
He'd probably point out that's not the Deutsch mark! Or the Euro!

I wonder what the Euro chart looks like now.
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@steemitboard · 
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