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It's also just a control thing. When private enterprises control (and create) money, they will do so based on their own interests. These might not align with the best interests of society at large.


Is it really your experience that the market fails to cater to the interests of the people, and politicians are uniquely capable of it?

Politicians can’t print a dollar without abusing it to promote religion (“In God We Trust”), funding war, or handing it out to get reelected.


Removing "payable to the bearer on demand" seems especially relevant.


Well, in Keynesian analysis, the private enterprises are supposed to create money. The gov't manages how much they create though reserve requirements.


"As announced on March 15, 2020, the Board reduced reserve requirement ratios to zero percent effective March 26, 2020. "

https://www.federalreserve.gov/monetarypolicy/reservereq.htm




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