I don't think he or anyone in his circle will read this.. but.. his proposal was already irrelevant since we followed USA and got out of the gold standard. Right now we are in full blown fiat currency system which makes sovereign nation-state's budget totally different from household's Nation-state which has and creates its own sovereign fiat currency can't default on the debt that is denominated in its own sovereign fiat currency Though not a fan of that, it is what it is... and he, as a respectful economist, actually should have learned it from MMT perspective (Warren Mosler, Stephanie Kelton, Randall Wray etc)