the policy universe was created with a notion of stable zero change price levels
when the existence of forward obligations nominally fixed implies an optimal relationship between
absolute product prices and thos obligations that likely requires price level adjustments
these adjustments suggest a paradigm built on dynamic principles not static optima
like constant purchasing power of a unit of currency over time
credit money has no predisposition to value change built into it
no anchor in intrinsic "real costs" of additional production
however the hang time well into the era of credit money
of notions inherited from the earlier epoch of commodity money is substantial
the price level as a fact given "spontaneous uncertainty " remains
like a persistent fog we can't see thru sharply enough
a fog produced by our own minds
utterly unrelated to the possibilities of the pure credit money based exchange economy
of today and tomorrow
