Franz Pick
Peter Beter
The term "certificate of guaranteed confiscation" is rooted in the philosophy that it's somehow illegal or immoral for governments to use debt instruments for raising revenue - the reasoning goes "they take your money via taxation, then they sell you bonds to so you can get part of your own money back" or somesuch nonsense. The reasoning seems to be that all debt is evil, and it must be eliminated. So what's the alternative? More onerous taxation? "No, taxation is bad too." OK. Now what? Nothing left to do but dismantle the whole thing. The deeper you read into all this gold bug anti-fed stuff, the clearer that message becomes - it's about anarchy.