# Central banking

`kaal:entity:central-banking`

**Status.** derived

This node is assembled mechanically from the 5 claims that carry the concept tag `central-banking`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

5 claims across 4 works, 2018 to 2026.

**2018**

- [3249860-006](https://wulfkaal.github.io/claims/3249860-006) [mechanism/asserted] -- In decentralized systems the functions previously performed by policy designers, central bankers, and economists in centralized markets are taken over by the token designer for the respective token economy.
  > Whereas policy designers, central bankers, and economists previously coordinated market design and economic regulations in centralized systems, these functions are taken over by the token designer for the respective token economy.
  Wulf A. Kaal, Crypto Economics - The Top 100 Token Models Compared (2018). SSRN: https://ssrn.com/abstract=3249860
- [3249860-007](https://wulfkaal.github.io/claims/3249860-007) [failure/argued] *(failure mode)* -- The democratization of monetary policy in token economies creates a serious problem, because token designers lack the qualifications and institutional functions that centralized central banking distributes across multiple institutions and their staff.
  > This creates a serious problem for many token economies as the designers lack the qualifications and functions that are
  Wulf A. Kaal, Crypto Economics - The Top 100 Token Models Compared (2018). SSRN: https://ssrn.com/abstract=3249860

**2019**

- [3396522-001](https://wulfkaal.github.io/claims/3396522-001) [failure/argued] *(failure mode)* -- 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). SSRN: https://ssrn.com/abstract=3396522
- [3402701-016](https://wulfkaal.github.io/claims/3402701-016) [design/argued] -- Stable cryptocurrency bonds should be minted with a fixed expiration, following the practice of historical central banks, because fixed expiration makes price discovery more efficient.
  > We also recommend following the example of historical central banks, in minting bonds with fixed expiration so price discovery is more efficient
  Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies - First Order Principles (2019). SSRN: https://ssrn.com/abstract=3402701

**2026**

- [6421319-002](https://wulfkaal.github.io/claims/6421319-002) [mechanism/argued] *(failure mode)* -- Monetary policy instruments become ceremonial under AI driven production, because central banks inject liquidity on schedules calibrated for scarcity economies while production compounds exponentially and money supply grows only linearly.
  > Central banks inject liquidity on schedules calibrated for scarcity economies—quarterly adjustments, annual targets, multi-year policy frameworks. Against AI production scaling, these instruments become ceremonial.
  Wulf A. Kaal, The Collapse of Scarcity Economics (2026). SSRN: https://ssrn.com/abstract=6421319

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/central-banking.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.