To be fair, it certainly might be possible to create a monetary regime that is worse than the Fed.
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Adopting a convertibility rule, however, such as existed under the classical gold standard, would result in a forecast-free monetary regime.
The rule is well suited to deal with divergent developments in different categories of assets, and of countries or regions under a common monetary regime.
There is mounting evidence that the Fed is drifting further and further away from a monetary regime consistent with limited government, economic freedom, and sound money.
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And with a dollarized monetary regime, the M3 measure of broad money would soar from its current anemic annual growth rate of about 6% to between 20% and 30%.
Stabilizing the dollar-euro exchange rate can only be achieved within a rule-based monetary regime, not by relying on "independent" central banks and finance ministers to coordinate monetary policy to do it.
The structure of the currency and monetary instruments declaration regime, hinges on the existence of a physical object.
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There are many types of monetary rules under a fiat money regime that could reduce uncertainty, but most rely on some degree of forecasting.
We've been able to keep inflation down and therefore keep the price regime down, mainly through monetary and fiscal management, but also through better efficiency of our productive sectors and the cooperation of the people, employers and government.
China's monetary policy is also constrained by its rigid exchange-rate regime.
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Add in an increasingly cumbersome regulatory regime and such is not an environment conducive to wide-scale bank-initiated monetary inflation.
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