[OPE-L:1943] Re: [MIKE WILLIAMS] electronic money

Paul Cockshott (wpc@clyder.gn.apc.org)
Thu, 25 Apr 1996 00:21:08 -0700

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I'm not sure what you're thinking of here. Even in a closed economy, when
the central bank (or the state) issues currency, it functions as a
liability of the state (or the bank), and represents a loan from the
public to the central bank or the state. It is true that in this case the

Is this not a legal fiction?
Is it not better to see seigneurage as a form of taxation?