preach it. werner's data is solid — rates trailing rather than driving is pretty damning for keynesian rate-stick-waving. but giving the same central planners a “better playbook” is like letting the arsonist pick out new curtains after he torches your house.
meanwhile, sure, the sme-loan landkreisbanks worked when they could actually create local credit instead of parking it in sovereign bonds to meet “risk-free” quotas handed down by the ecb. once policy deems small biz loans “risky” and bunds “risk-free,” game over.
bottom line: central banks can’t be “reformed” into something that respects markets; the power to counterfeit purchasing ex nihilo is simply too tasty to leave on the shelf. bitcoin (and credit pilots like bitcredit) strip the candy away — you want credit? convince savers or the free market to fund you. no daddy ecb to run the printer.
so let the debate run, but i’m stacking corn and watching the fireworks 🎇