Detailed market commentary at The Market Ticker
(The Year 2012 In Review)
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|User Info||The Long Weekend Mind-Soak; entered at 2012-02-20 10:04:20|
Seigniorage, a government (NOT private bank!) privilege. |
Self-liquidating credit (that loaned against an asset) does not permanently impact money supply. If the government is prohibited deficit spending then to maintain balance money and credit must be regulated with economic activity.
That is the proper function of the monetary authority, which is vested in Congress under Article 1 Section 8.