I'm not qualified to comment on the law but since notes and coins are functionally equivalent it seems there is a loophole that can be exploited.
_____ From: [email protected] [mailto:[email protected]] On Behalf Of Jeffrey Fisher Sent: Sunday, 31 July 2011 9:47 AM To: Progressive Economics Subject: Re: [Pen-l] a solution 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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