Enter the State ~ Ethics of Money Production
World Crypto Network
Hülsmann argues governments are inflation's primary beneficiaries, using 'fiat inflation' (openly legal money debasement distinguishing it from private counterfeiting) to extract seigniorage revenue. Four legal privileges enable this: legalized falsification, monopolies, legal tender laws, and suspension of payments—each necessarily causing fiat deflation of competing monies. Without legal coercio

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