i agree, to an extent. the question then is: how do you overcome the under-supply of money in the economy? deflation has its own problems, and if you leave it to one central, would it be that much better?

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good question - I have to head off now, but quickly before I do so: how about a central authority that can issue debt free money into the system when there is an under supply (something like the group Positive Money are advocating in the UK)?

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