[ObserverNeutral]

Money is a unit of account.

You like to see human agency in the resolution of the crisis.

In my opinion that's not the case, all the interventions and the tinkering of the unit of accounts and messing with the plumbing of the money markets has a neutral effect.

Wallace Neutrality and Miller-Modigliani prove this mathematically.

You also have to take into account the extreme worry if not outright panic that people have when they see the Fed resort to these sort of hail mary interventions.

"If they need to do this...how bad must it be?"

This was a recurrent theme during the GFC, so there's empirical evidence to claim it's not even neutral but actually counterproductive

[laurencerowe]

Money is just a unit of account. But without enough of it the system gums up and people are left unemployed. We moved on from the gold standard for good reason.

[ObserverNeutral]

there is no proof of this

also let the dollar be infinitly divisible up to the 10th decimal and then let's talk about the system clogging up