"Right now, I'm telling you about what Gadamer believes and thinks, but Gadamer himself says this is impossible." Call me unenlightened, but to my way of thinking this is reason enough to conclude that Gadamer isn't worth my time. 1/2
Either what he says about his thinking is true, in which case it is futile to try to understand him, much less to make use of his ideas; or it isn't, in which his opinions concerning the impossibility of arriving at any objectively "correct" understanding others' ideas) is false.
It was owing to this understanding that, back in the mid '80s, when the hermeneutics fad was going full-bore at GMU econ., where I was briefly employed, I called it "godam'ermeneutics" and would have nothing to do with it.
And that explains, to no small degree, that "briefly"!
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There are a many reasons why I also favor a division of labor in which the Fed sticks to being a wholesale dealer in payments media, leaving the retail side of the business to banks and other private-sector payment services providers.
My reasons _don't_ include a belief that the status quo is dandy, or that the goals proponents of retail CBDC have in mind--such as banking the unbanked, expediting transfer payments, and supplying more efficient alternatives for P2P payments than paper money--aren't worthy.
On the contrary: I favor having the private-sector handle the retail end of the payments media business because I'm absolutely convinced that, provided it's encouraged to do so, it is more capable of achieving these very goals, and doing so efficiently, than the Fed is.
Having been among the critics of the controversial proposals Saule makes in "The People's Leger," I'm glad to be able to compliment her on this paper telling the story, in very great detail, of the OCC's also rather radical broadening of national banks' legal undertakings.
Through a series of revisions of its interpretation of "the business of banking," the OCC dramatically expanded the list of derivatives national banks could deal in, with each step serving as the basis for justifying yet another, and a sort-of positive feedback loop.
"Omarova immediately faced a flood of criticism from the banking industry, described as 'radical'." Omarova herself describes the proposals in her "The People's Ledger" so. And they are extremely radical in fact. So that's no "red herring." papers.ssrn.com/sol3/papers.cf…
"Omarova has been primarily condemned for musing in an academic paper last year about how individual bank accounts at the Federal Reserve could replace private deposits." This, too, is disingenuous.
In particular, it seems to me that Kraken is correct in its letter arguing that a token custodian doesn't take possession of crypto assets placed with it, and that this makes it a bailee rather than a debtor. docs.iiroc.ca/DisplayDocumen…
In response, JP reports, "The CSA has taken the old bitcoin maxim 'not your keys not your bitcoin' to heart," ruling based on that claims on crypto custodians are debt contracts, hence securities.
Although the Federal gov't didn't regulate banks then, state authorities certainly did: there was in fact no such animal as an "unregulated" antebellum state bank.
Banks established under so-called "free banking" laws were no exception: despite the name, such law always involved some very substantial regulations--many of which were detrimental to bank safety and soundness.
I hope saying so doesn't make me a sophist. But while I agree that many arguments against Minting the Coin are bad, and that a case for the gambit's legality, I don't think it politic for government officials to exploit legal loopholes this way. 1/n
Indeed, I think it so impolitic that I'm pretty sure that Treasury and Fed officials would oppose the plan, as they did in 2013. In fact the White house has already opposed it: businessinsider.com/white-house-sa…
It's for this reason, and not because I share his belief that many (most?) opponents of the coin gambit are ill-informed or arguing in bad faith, that I share Joe's opinion that the whole debate is a waste of time.