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And, last but not least, their fiduciary media are not likely to be based on a commodity, thus reducing the costs to them of overissuing.
There has not been a bank failure since 1867 in which the assets were not sufficient to meet the note circulation, even in the case of a notoriously bad failure in which, among other crimes, the concern was guilty of overissuing circulation.
Nobody, they said, would accuse a goldsmith of overissuing as long as his vaults contained guineas and crowns to the full value of all the notes which bore his signature.
Land transport federation of Thailand head Apichart Prairungreung said the truck drivers were sincere in their demands for justice, accusing some wayward police of overissuing traffic tickets in order to get a 7075 per cent commission.
The remaining service economy, ie., the scraps, has been sold out to a tsunami of illegal immigrants and an overissuing of work visas for the more skilled professions.
CEIBS Professor of Economics and Finance Xu Xiaonian told a conference yesterday that "The fundamental source of Wall Street's meltdown is caused by Federal Reserve overissuing currency."