uncle would have at the federation level
a pre great depression era sized federal budget ...err sans defense
ie no federal tax and transfer system
so to deal with an economic contraction
the ever so benighted US congress would have to authorize by law
state deficit levels
and transfer payment outflows
consistent with national full employment
fifty stablization plans not one
and each state would still need
the fed to monetize the excess borrowing demands
the states generated
of course the present fantasy future configuration for the euro zone
would instead set a member state by member state budget deficit percentage limit
fixed for the indefinite future one supposes
with penalties owed for violations
cumbersome indeed
and if you happen to like a very sluggish and incomplete fiscal counter cyclical mechanism
this looks like a fairly good candidate
the squawking class calls this a monetary authority dominated macro system
as opposed to a fiscally dominated macro system
all the better to cultivate and preseve a nation's army of the idled
the one into fifty effect on spending and tax levels races the system
quite nicely to the bottom here
and yet the one all powerful bank at the core of it all
alex hamilton would love the scheme eh ???
