What Will T-Mac Do?
Will You End The Federal Reserve?
Congress willing, yes. Instead of the Fed setting monetary policy, the Treasury will follow a money creation formula like the K-Percent Rule.
Will It Be On The Gold Standard?
No, we're going to rely on the Quantity Theory of Money regulating the value of the currency. The Treasury will, however, mint gold, platinum, and palladium coins. And, as a service to "gold bugs," we will issue a gold-backed electronic currency. So, there will be a currency on the Gold Standard.
So, Is This Modern Monetary Theory?
Not quite. From what I've read of MMT, advocates don't accept the Quantity Theory of Money, which is kind of like not believing in gravity, the way I see the issue.
MMT without a grounding in quantity theory is a recipe for hyperinflation.
By being properly tethered to a money-creation rule, the Treasury can issue Greenbacks without being any more inflationary than gold has been, historically.
But This Is Paper Money?
Well, close enough. I'd actually ask the Treasury to design polymer Greenbacks, similar to bills in circulation in Australia.
In every conceivable aspect, we want our money to be a better product.