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