Commentary
In my previous column, I expressed strong reservations about the
introduction of a central bank digital currency (CBDC) in the United States. If we indeed are searching for a potential new money, let’s keep in mind several important lessons we can learn from history and economics.
Unconstitutional Money
After the horrific experience with the inflated, rapidly depreciating continental dollar (a printed currency) during the Revolutionary War, the founders sought to spare us similar miseries. Therefore, they stipulated in Article I, Section 8, Paragraph 5 of our Constitution that the federal government was to “coin money” (in contrast to “print currency”).
