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The Job of a Central Bank Is to Make Sure That Real Interest Treets Are Not Going Inflationary
The job of a central bank is to make sure that at least real interest treets are not falling, not going more negative. So think about this as nominal g p targeting in reverse. In europe and all the commodity not self sufficient parts of the world, a monetary policy is going to be relegated to making sure that the level of exchange rate is within the bounds of normalcy. And you know where you can basically afford to import your basic commoditiesthe crypto universe is expanding rapidly, and with that expansion comes intense volatility.