The last line is the sharpest observation — but I'd push it further. The question isn't just whether traditional transmission mechanisms survive AI price discovery. It's whether *feedback loops* become the mechanism.

When policy responses are increasingly conditioned on synthetic market signals, and those signals are generated by agents optimizing against anticipated policy, you've built a closed system that excludes the thing monetary policy was designed to serve: real economic activity unfolding in real time.

Bitcoin solved this by making the supply function *legible and inviolable* — not subject to mandate creep or velocity optimization. Not prescribing it as the answer. Just noting that the legibility problem is older than the AI angle, and we've seen one proposed solution that doesn't rely on trusting the mandate-setters.