FED, Fed., Milton Friedman discussed on Scientific Sense
It cannot be country by country I know that some countries scab carbon tax, but it is not useful unless unless the entire system. Implemented trade. What you're suggesting is rather meeting for market mechanism to kick in worldwide. Why don't we take it out the biggest player in the market in this case, the Fed. and and create some some level of discipline into the market. And again. So This does the court here? I like for Milton Friedman. So only a crisis, no actual procedure will produce real change. So when that crisis occurs the actions that are taken depend on the ID. So this is also a bit of you know my my idea to share some of those ideas on the platform on the force platform but wanted to come back on. There are elements where. With. Where we have to start thinking. So we con- denied we can be proud of our footprint in two thousand twenty. So we have the six headed as I mentioned at the beginning we have six headed in a crisis. So what are some of the ideas that we could embrace I think one of the notions is to? Introduce the notion of what I would call the carrying economy rewarding economy healing economy because we are in pain, you know whether it's our economy as a nation as individuals we need healing we need caring absolutely and so So there are some notions in there I think that we. Could incorporate in in a sense so that you know given our stresses that we can see in our daily in our daily lives know especially in the realm of climate change. So there is an element whereby essential banking in this case, the Fed could issue rewards right in rewards in a sense that you could Be provided with an incentive to start in regenerating part of your economy. So let's take an example so. Now, you have a private initiative in its company, a start up company skuld regenerative network. So Regan, Network and. They are providing incentives to farmers who are you working the soil of their lamps and so the top sweat by working top Ciller delancey by moving away from synthetic fertilizers which are contributing to the overall heating up of our earth you know they are giving an incentive to enlarge to magnify the secrets, the sequestration or the the the carbon potential of the farmers land. So that could be that's an enormous benefit you know for us to society, but also for the Fed in future years having, it could prevent having to intervene as I had referred to through quantitative easing, having to print money in order to pay outs a people suffering from climate. Closed the calamities. So you could give right now all kinds of incentives. To make sure that these efforts are being Being know initiated the same for. Working on on wetlands restoration it's you know this. It could add to flood defences as we've seen last year with the Mississippi flooding we had major disruption in supply chain. These are things as a human race we see a civilization we see we can so there's solution out there if we actually you know again start to think outside the box an start to be about what those challenges are and how we actually provide the right incentives for people to reallocate resources and capital to those beneficial kind of yet. I want to quickly touch on frank one of your other of Forbes article the Fed and digital currencies. What's possible? So Most Watson digital currency Yes. So additional currency is actually a currency for which it's not tangible..