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Charles Calomiris on FinTech

Policy@McCombs

CHAPTER

The US Government Has the Right to Create a Legal Tender Currency Based on the Constitution

We have banks because of wars and after the revolutionary war, wecan have a war for a long time. Can you explain the state of a money in the us? And we think of a civil currency to day. But what was it like, you know, falling the revolutionary war up until our next big war? So you had a bunch of different a views in the constitution about what the right application of power over money and banking would be. It wasn't made clear by the constitution. They all discussed whether to to make that constitutionally clear.

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