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All central bankers should face the death penalty

From Judge Napolitano:

The Constitution says the Federal government has the right to coin money and to regulate its value.  It doesn’t permit the Federal government to print money.  The Founders knew the dangers of printing as much money of any arbitrary value as the government wished.  And so they prohibited it.

The Coinage Act of 1792 – one of the very first laws Congress enacted – created the US Mint, and it produced gold and silver coins, not paper money.  The amount of gold and silver in each coin was carefully monitored.

Indeed, the Coinage Act specified – are you ready for this! – the death penalty for anyone in the government who by fraud or embezzlement debased the value of these metal coins.

Today, money is paper and it’s worthless, thanks to the Federal Reserve.

I wonder how today’s Federal Reserve Board would behave if it faced a similar restraint on its ability to decrease the value of a dollar.  Ohh… it would be a different – and far more prosperous – world.

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