Currency debasement by the state is a sin

Debasement of currency is the practice of falsely increasing the money supply by cheapening the monetary unit. Before paper currency, this was done by mixing precious metals with baser materials, and passing the result off as pure gold or silver (Isaiah 1:22). With paper money, this is done by simply printing unbacked bills; and with computers it is done by credit expansion. When private persons do this, it is called counterfeiting. When governments do this, it is called progressive monetary policy. The Bible calls it theft no matter who does it (Amos 8:5).

My two cents

Lincoln memorial cent, with the S mintmark of ...
Lincoln memorial cent, with the S mintmark of the San Francisco mint. (Photo credit: Wikipedia)

Excellent. For years I was unaware of what fractional reserve banking was. I’ve understood it for a while now, but I wonder why this was never taught to me in school. I figured that fractional reserve banking is breaking the commandment of thou shalt not bear false witness. I also get frustrated with the term bank run; it’s a loaded term which implies that banks need not have their money available at all times.

Quote source

Chilton, D (1981). Productive Christians in an Age of Guilt-manipulators. Tyler: Institute for Christian Economics. p. 380.

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