Common Objections, Addressed Honestly

No—and the distinction matters. Every proposal in this paper draws on something that already exists: the Chilean UF has operated for nearly sixty years; the Taylor Rule has shaped central bank practice for three decades; the Chiang Mai Initiative has been tested in actual crises. The paper is not proposing new inventions. It is proposing a new assembly of existing, proven components.

The wheel metaphor cuts the other way. We have been reinventing the same wheel—fixed anchor, credibility promise, eventual breakdown—since bimetallism. The paper proposes a different design principle, not a different material for the same design. The question is not whether the components are new. It is whether the architecture is sound.