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A monetary constitution reform that makes base money sound, but leaves bank money unsound, is incomplete.
"A Monetary Constitution for Argentina: Rules for Dollarization". Cato Journal 18.3 (1999): 405-19.
Before starting his analysis of "the monetary constitution" Timberlake sets the stage with a brief discourse on the emergence of money, a market phenomenon, and the detrimental results that have always followed governmental tampering with it.
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When he discusses the monetary framework in Constitution of Liberty, he does say that once there is government interference, some self-regulating mechanisms become "closed" and one must look for some compromised solution.
More recently, groups of "geo fiction" enthusiasts have drawn up plans for imaginary countries complete with their own flags, monetary systems, stamps, constitutions, legislatures -- in short, all the trappings of a real nation.
First, it is unnecessary and unwise to include the objectives of monetary policy in a constitution, which is even more difficult to amend than a treaty.
Now the new kid on the monetary block is the Constitution.
But the federal government has done many, many things that it has no constitutional authority to do, including the way it has shunted aside the Constitution's prescribed monetary system in favor of the current system of irredeemable paper.
When he discusses the monetary framework in his book Constitution of Liberty, he does say that once there is government interference, some self-regulating mechanisms become "closed" and one must look for some compromised solution.
— Would John Kerry support an amendment to the Constitution that would guarantee monetary compensation to people in focus groups?
More generally, setting constraints in the federal constitution on the way monetary policy can be implemented is undesirable and inconsistent with central bank independence.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com