[pingburg]

I think the underlying mechanism here is a centralized banking system in all three countries. Without getting into the religious discussion of whether a central bank is "right or "wrong", I would suggest that any system that relies on a small group of unelected humans making decisions on the supply of the underlying medium of exchange is imperfect and prone to favoring one group over another for reasons that are not positive for everyone.

[brc]

In other words...we all agree that price fixing leads to either shortages or surpluses..but we all agree that fixing the price of money in a central bank is the right way to go. And we are not able to see the contradiction therein.

[pingburg]

In the end it's a question of alternative mechanisms. Either we use the current system or we go with a "backed" medium of exchange. The "backed" version suffers from elasticity (but that may or may not be a good thing). So the issue becomes what are some other alternatives that aren't just derivative of the first two?