“When the state finds itself unable to meet its committed expenditure by raising tax revenues, it will resort to other, more desperate measures. Among them is printing money.
Governments have grown used to enjoying a monopoly over currency that they could depreciate at will. This arbitrary inflation has been a prominent feature of the monetary policy of all twentieth-century states. Even the best national currency of the postwar period, the German mark, lost 71 percent of its value from January 1, 1949, through the end of June 1995. In the same period, the U.S. dollar lost 84 percent of its value.' This inflation had the same effect as a tax on all who hold the currency. As we explore later, inflation as revenue option will be largely foreclosed by the emergence of cybermoney.
New technologies will allow the holders of
wealth to bypass the national monopolies that have issued and regulated money in the modern period.”
JSON / Jason
npub1zu…33nhf
2023-02-27 02:16:32
Author Public Key
npub1zummlpjmyv4gnr7klkuggsshzf3gav9m0ryew5yeuxytqrpnjk7qs33nhfPublished at
2023-02-27 02:16:32Event JSON
{
"id": "6e5f5b29074164d61cc5a3441a7723f312a4d0995c439861553f2d8b69eeb086",
"pubkey": "1737bf865b232a898fd6fdb884421712628eb0bb78c9975099e188b00c3395bc",
"created_at": 1677464192,
"kind": 1,
"tags": [],
"content": "“When the state finds itself unable to meet its committed expenditure by raising tax revenues, it will resort to other, more desperate measures. Among them is printing money. \n\nGovernments have grown used to enjoying a monopoly over currency that they could depreciate at will. This arbitrary inflation has been a prominent feature of the monetary policy of all twentieth-century states. Even the best national currency of the postwar period, the German mark, lost 71 percent of its value from January 1, 1949, through the end of June 1995. In the same period, the U.S. dollar lost 84 percent of its value.' This inflation had the same effect as a tax on all who hold the currency. As we explore later, inflation as revenue option will be largely foreclosed by the emergence of cybermoney. \n\nNew technologies will allow the holders of\nwealth to bypass the national monopolies that have issued and regulated money in the modern period.”",
"sig": "0e4a1def2e7b0b8b8b04fd65e6a26693e0131f200a94653f0844328f6d6169a480bd48e988c16369f5be9c93d29275c0656ebcecbde3fae227faa869b431ffd3"
}