DEBATE: Who’s Right on the Money?
Advocates of "fiscal money” believe they have hit on a way to allow governments to create liquidity via new instruments that boost demand without raising taxes or spending. Which of two proposed systems would work better?
- Yanis Varoufakis advocates using the tax authority’s digital platform and blockchain technology to create a fully transparent, transaction-cost-free public payment system.
- Biagio Bossone and his colleagues argue for governments to issue redeemable, tradeable tax-rebate certificates that can be exchanged for goods and services, or for euros or other assets.