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this post was submitted on 05 May 2024
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Asklemmy
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That a state can't print money
Why did you hear that as a child? Of course the state prints money, how else would money exist in the first place if no one made the money?
Might be talking about the United States specifically. IIRC the constitution denies individual states the right to mint coin or issue bills of credit, that is a prerogative of the federal government.
When the Constitution was being drafted, all of the thirteen original states had their own currency, plus the Continental currency. It was a mess. A few years later, they set up the US dollar, US mint, and so forth.
It was in the context of limiting public spending. That the state can't just print more money when it runs out of money.