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Unrestrained power to create money makes possible the arbitrary seizure of property, either through an unlegislated transfer of wealth from the private to the public sector or through the capricious transfer of wealth between individuals. Money creation -- and by implication the seigniorage that...
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Constitution has turned out to be remarkably prescient since the Great Inflation was then about to begin. One might expect that in … progress has been made in defining the nature and characteristics of a monetary constitution for the post-Crisis world. To that …
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