kaal:claim:3396522-001

The unfettered discretion of fiat monetary policy makers can lead to arbitrary outcomes, because the overall value and stability of any fiat currency is contingent on the fluctuations and successes of a country's economy rather than on any fixed valuation basis.

The unfettered discretion of policy makers can lead to arbitrary outcomes.8 The overall value and stability of any fiat currency is contingent on fluctuations and successes of a country's economy.9

Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies (2019), II. Fiat Currencies, 1. Arbitrary Policy Outcomes, p. 5
https://ssrn.com/abstract=3396522 · source PDF

Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies (2019). SSRN: https://ssrn.com/abstract=3396522

failuresupport: arguedfailure: arbitrary-discretionary-policyfamily: valuation-and-pricing-failuretokenomicssystemic-riskeconomics

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