Bankless Ethereum vs The STABLE Act | Rohan Grey
Dec 23, 2020
Rohan Grey, Assistant Professor of Law at Willamette University and advisor to notable politicians like Rashida Tlaib, dives into the implications of the STABLE Act. He argues that money is a public institution needing protection, while highlighting the tension between traditional banking and decentralized finance. Grey discusses how both systems aim for similar goals yet propose different approaches. He also critiques current financial frameworks and the need for accountable systems to address wealth inequality and consumer protection.
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Money's Origin and Value
- Rohan Grey believes money's value comes from public institutions, not markets.
- He views private cryptocurrencies as distractions, advocating for anonymous digital public cash.
Neoliberalism's Impact on Money
- Rohan Grey criticizes the neoliberal era's portrayal of money as a product of markets, obscuring its public nature.
- He highlights the scarcity mindset in public policy and the failure of full employment.
Central Bank Supremacy
- Rohan Grey views central bank independence as a tool of private interests against public good.
- He advocates for the Treasury's direct control over monetary policy, like minting a trillion-dollar coin.