This might sound crazy but a switch to a USD crypto currency could allow perfect targeting of inflation. Edit:. Of course it would be tricky to do it in a way that they could still use it to enrich the favored entities. Or it would at least be harder to obscure.
perhaps some things need to do concurrently. 1. remove the current budget ceiling in order to use unlimited money that the government wants. 2. use the unlimited money budget to build unlimited infrastructure projects, especially setting up several "trust funds - investing in stocks market" for various objectives, including medical, social security, productivity development, green technology, etc., in order to attain a better than full employment economy within a shortest period of time. 3. spend unlimited money in international development aids for unlimited number of American citizens having US-tax-free status while working overseas countries that were once invaded by the US, as well as some other developing Africa countries that would be most suitable for the Americans of Africa origin. 4. allow unlimited number of wealthy and educated immigrants from overseas, disregarding any race or faith background, to bring in money to buy brand-new houses that are recently built or being built. 5. ... Never too late!!! LOL
I'm not going to pretend to be too sophisticated in econ understanding, but if we want some inflation and other countries want to buy our debt, I say borrow away and sink the money into some real projects that will pay off for us, like better energy infrastructure and technology, roads, public transportation etc. As someone that works in crappy countries on behalf of the US, I wish we were more self serving in how we spend money overseas. I like my job on a micro level, but it sucks to work hard while knowing that on a strategic level it is wasted.
My guess is, I think the international firms and financiers would invest in the US only when they know the future of US economy is strong enough to guarantee the returns are safe and good - better than alternatively investing in other projects in other countries. Therefore, the fundamental issue is there must a plan for a strong US economy with strong employment, so that people would have money to spend on the new infrastructure like the fast trains or green housing from China. Attracting worldwide tourists and students travelling to the US with open arms and friendly mind would be vital. imo. Because these people would be potential investors and migrants in the future.
Whether these are all things we should be doing can be debated. It is the thinking in new directions I applaud. We could have tremendously productive job growth in areas where it is impossible to substitute automation. We know the solutions to our problems and we know what doesn't work. We know what needs to be done. All we have to do is stop doing what doesn't work and start doing what does. I've posted on the specifics before and I don't want to repeat. It's so very doable. Instead we will do even more of the things that don't work. Many people know how to proceed, but they are hampered by the political system and a dreadful lack of leadership at the very top.
BTW, the freehold and leasehold lands could be also another issue to be improved. If a country has a viable and profitable project, infrastructure or else like casino/port/hotel/shopping-mall/etc, many international investors would be keen and interested to bring in their money for investing. The flip side is, the US firms and financiers would use their US funds to invest in overseas more-profitable better returns projects for creating overseas jobs, rather than US jobs.
I don't understand the micro structure and inner workings of cryptocurrency at all. I can't help but wonder, however, what features of cryptocurrency would make it work when controlling the money supply directly did not work to effectively control inflation. This was an idea of Friedman. The fed experimented with it during the Volcker era. It failed, and the reasons are now understood. The fed went back to controlling the money supply indirectly via interest rates. If you can explain your idea to someone born during WWII I'd be much obliged. But it will be wasted on me if the explanation includes much crypto jargon or requires a detailed knowledge of how cryptocurrency works and how it avoids corruption and maintains integrity.. I understand quite well how conventional currencies work, the role of Central Banks, and how corruption is avoided and integrity of the currency is maintained. I'm at a loss though when it comes to cryptocurrencies and what advantages they offer other than that which is generally imputed to them of allowing one to make purchases via the internet that are untraceable. But what would their advantages be in controlling inflation compared to conventional central bank methods used in conjunction with conventional fiat currencies whose values are relative, as determined by market demand for one currency versus another.
My only personal benefit of the easy money is my cheap mortgage. If the true goal is to stimulate consumer spending, create a USD crypto with an account tied to your SSN. When they want people to spend, create some crypto cash, distributed to individuals in their SSN account. Not saying it's a good idea, but it is an idea...
A follow up thought...I would prefer that to the current setup where according to my rudimentary understanding the money flows through various banks and businesses, enriching the privileged ones.