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Who said anything about the custodian being the sovereign?
Managing the monetary system is a sovereign function, because the sovereign is the only economic actor within its jurisdiction that is solvent by fiat rather than balance sheet.
Making a monetary system without a sovereign that's actually sovereign is - eh - not wise, as the EU has been quite instructively demonstrating for the next best thing to three years now.
Austerity can only be implemented in the shadow of a concentration camp.
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