Private Inflation ~ Ethics of Money Production
World Crypto Network
Chapter 6 examines three private inflation mechanisms: debasement (substituting base metals in coins), fractional reserve banking (issuing unbacked certificates), and counterfeiting. Money warehouses in Venice and Amsterdam became fractional reserve banks—the Bank of Amsterdam began counterfeiting notes in 1781. Oresme and Aquinas condemned counterfeiting as property-rights violation; Mises argued

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