George Hall on the History of the U.S. National Debt and Government Financing
Macro Musings with David Beckworth
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Macro Musings: Chase Rules the Greenbacks Unconstitutional
The Constitution says the states cannot issue fiat currency, but it doesn't explicitly rule out whether the federal government can. Hamilton was worried that the Constitution allowed the government to issue Fiat currency. He said he would take care of that by defaulting on Currency and then no one will ever accept it again. But at that point, you know, we've already done it. The horses out of the barn at that point.
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