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Well, I think you have to look at why the government engages in this fractional reserve banking. They do it because they can't generate enough money from TAXES to pay for the huge spending increases.
So they print money in order to account for the excessive spending which in turn financially hurts the TAX payer through devaluing of the currency.
It's not a legally defined tax, but acts as a de facto tax.
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It's time for the president to hand over his nobel peace prize.
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