Snooker balls bumping into one another, rising smokes, players slipping cards with quick and clever moves, the spectators dancing to the tune of arrogant music while the gamblers coining money
is what can be witnessed at these clubs .
Under the Constitution, a precious metal or "specie" monetary standard is implied by the clause in Article I, Section 8 giving Congress the power to "coin [not "print"!] money, and regulate the value thereof." That this turn of phrase refers specifically to a gold and silver (or "bimetallic") monetary system is reinforced by a clause in Article I, Section 10 expressly prohibiting the states from coining money
, issuing "bills of credit" (i.e., promissory notes), or making "anything but gold and silver coin a legal tender in payment of debts."
In the early 1970s, when the Rolling Stones were coining money
and Britain's top tax rate was 83 percent, Keith Richards, lead guitarist and social philosopher, said: ''That's the same as being told to leave the country.'' The Stones decamped to France, leaving Britain, Tamny notes, to collect 83 percent of nothing.
To [begin strikethrough]regulate[end strikethrough] The exclusive right of coining money
[begin strikethrough]Paper prohibit[end strikethrough] no State to be perd.
Now it's coining money
for operators from South Africa to Mexico and any other place it seems where the rich can see how the other 99.999 per cent survive.
Whenever they see somebody apparently coining money
, they stampede after them like a herd of demented cattle and precipitate disasters, starting with the South Sea Bubble and leading to world-wide depression in the '30s after the Wall Street crash.
The financial services sector has been coining money
ever since 1995 .(four years after the last big real estate collapse).
Greedy banks are coining money
by imposing rip-off charges on customers who stray into the red.
Article I, Section 8, grants Congress the right to legislate in a number of specific areas, such as laying and collecting taxes, coining money
, and raising and supporting armies.
The Constitution endows Congress with the power "to coin money" and "regulate the value thereof," while prohibiting the states from "coining money
, emitting bills of credit and making anything but gold and silver coin a tender in payment of debts." Our national currency, and eventually our national banking system, enabled our citizens to deal with one another across great cultural and geographic distance with assurance that the stored fruits of labor, converted into coin and paper, would be valued as greatly elsewhere as at home.
When coins of various denominations existed, notably including gold coins sometimes having supposedly fixed (though adjustable) prices in silver units of account, and because coining money
was more costly in small than in large denominations, the problem arose of keeping the coining and-melting intervals of the different coins appropriately aligned with one another as market conditions changed.
The narrowest technical definition of seignorage is the profit from coining money
: the difference between the intrinsic and face values of coins.
And when others started coining money
, p/e ratios jumped across the board.
This interpretation is supported by additional provisions, in Article I, section 10, prohibiting the states from coining money
, emitting bills of credit, or "make[ing] any thing but gold and silver coin a tender in payment of debts." Contrary to the uninformed claims of some modern self-styled sophisticates, the American Founders were well aware of the distinction between coined and printed money, and did not intend for the nation they created to repeat the experiences of the Colonial period and the Revolutionary War with fiat money.
We have the highest rail fares in Europe and he's coining money
from the increase in oil prices, so I hope he leaves petrol taxes alone.