By Biagio Bossone, includes “Although the law says that money is “debt,” a correct application of the general principles of accounting raises doubts about such a conception of money. Debt involves an obligation between lender and borrower as contracting parties. Yet, for the state, which obligation derives from the rights entertained by the holders of coins? Or, for a central bank, which obligation derives from the rights entertained by the holders of banknotes or the banks holding reserves?”
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