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When fiat and decrees work no more for sovereigns

April 6, 2014

A sovereign has three means to finance its operations: direct taxation, debt, and inflation (i.e. indirect taxation). The first two are rather transparent ways to compel revenues from citizens. Inflation is the most hidden and has many benefits including the easement of public debt burden and providing new funds to sources close to the government and it’s franchisee – the banking sector. Continue Reading…