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July 1983

Volume 33, 1983

FEATURES

The Constitution And Paper Money

JULY 01, 1983 by CLARENCE B. CARSON

The United States Constitution does not mention paper money by that name. Nor does it refer to paper currency or fiat money in those words.[1] There is only one direct reference to the origins of what we, and they, usually call paper money. It is in the limitations on the power of the states in Article I, Section 10. It reads, "No State shall . . . emit Bills of Credit . . . ." Paper that was intended to circulate as money but was not redeemable in gold and silver was technically described as bills of credit at that time.

Benefit Mandates Cause Unemployment

JULY 01, 1983 by HANS SENNHOLZ

Psychic benefits have great economic significance as they may affect a person's spirit, disposition, and attitude. They influence his will and power of work, his contribution to the production effort. A wise employer is keenly aware of the importance of psychic benefits which he grants with great generosity. They never impoverish the giver, but always enrich the lives of those who receive them as well as those who confer them.


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Around the world, people are struggling to throw off authoritarianism, with deeply mixed results. From Egypt to Venezuela, determined people build networks to overthrow their regimes, but as yet we have not learned to live without Leviathan. In this issue, Michael Malice and Gary Dudney discuss their glimpses inside totalitarian regimes, while Sarah Skwire and Michael Nolan look at how totalitarian regimes grind down the individual--and how individuals fight back. Plus, Jeffrey Tucker identifies a strain in libertarianism that, left unchecked, could reduce even our vibrant movement to something that is analogous to the grim aesthetic of architectural brutalism. The struggle for our lives and freedom is a struggle for beauty; it begins inside each of us.
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