People who support the State (even a minimal one) are either totally fucked up on drugs or are just plain dumb because the Fed must cause the business cycle and so must a hard money system.
The State can never balance the budget perfectly because it's an irrational agent that can't know exactly how much to tax/spend... which means that even under a hard money system, the State would deficit spend then they accumulate a surplus which is the same thing as the business cycle under the Fed.
If you give the State direct control over issuance of fiat money, then things get even worse... hyperinflation happens. Every State in the world has a central bank so that no State collapses within five minutes after its legislated.
Finally, every State has legal tender so the former can centralize and carry out its power.
All of that said, the only reasonable conclusion one could make is that the State is like alternating current of wildly fluctuating amplitude going through the body of the people.
The State can never balance the budget perfectly because it's an irrational agent that can't know exactly how much to tax/spend... which means that even under a hard money system, the State would deficit spend then they accumulate a surplus which is the same thing as the business cycle under the Fed.
If you give the State direct control over issuance of fiat money, then things get even worse... hyperinflation happens. Every State in the world has a central bank so that no State collapses within five minutes after its legislated.
Finally, every State has legal tender so the former can centralize and carry out its power.
All of that said, the only reasonable conclusion one could make is that the State is like alternating current of wildly fluctuating amplitude going through the body of the people.
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