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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.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Nov 3rd, 2011 at 06:20:53 AM EST
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