The Future of Central Banking: A Lesson from United States History
The United States Constitution evidently calls for monetary arrangements with a strict metallic standard-gold, silver, or bimetallic. How were these provisions overturned so as to result in today fs fiat- money arrangement with no trace of a metallic standard? A crucial step involved Supreme Court decisions after the Civil War with regard to the constitutionality of the fiat ggreenbacks h issued during the war. The reasoning expounded by the Supreme Court in these decisions relied importantly on a failure to distinguish between monetary and fiscal policy provisions. Essentially the same failure has been present in much of the recent discussion concerning the financial crisis of 2007-09.
Volume (Year): 28 (2010)
Issue (Month): (November)
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