The Price of a Promise
Since money always enables a claim on real resources, it provides power in the real world. How it does so, however, is a complicated story mediated by legal and political institutions.
Central Bank
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The global slump and the monetary taboo
Turner is clear that any move in this direction should be undertaken by central banks, not by governments seizing control of the printing press, and is certainly aware of the risk of inflation if directly financed deficits get out of hand.
