So, then, a legal limit on the amount of paper currency in circulation is (in logic) a limit on government debt? Or I suppose really on a certain kind of debt. Or am I missing something?
On Sat, Jul 30, 2011 at 6:35 PM, David <[email protected]> wrote: > But in most countries the accounting convention is that paper issued by > government is treated as a continuing liability of the government but the > issue of coins is treated as a sale by government. Hence outstanding paper > is a ‘debt’ but coins generate government revenue.
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