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55 St. Mary's L.J. 1 (2024)

handle is hein.journals/stmlj55 and id is 1 raw text is: ARTICLE TRANSLATING A CBDC DOLLAR INTO A CONSTITUTIONAL DOLLAR CHRISTOPHER P. GUZELIAN* I. In tro du ctio n ........................................................................................ . . 3 II. The Constitutional Dollar: 371.25 Grains of Pure Silver, Not Gold, C op p er, o r P ap er................................................................................... . 6 A. Paper Moneys Are Not the Constitutional Dollar ................ 17 B. The Anti-inflationary Context of the Constitutional Dollar.... 23 III. The Context Becomes Inflationary: Paper Dollars and Zero-Reserve B an k in g ............................................................................................... . . 2 9 IV. How a CBDC Dollar May Function............................................... 41 V. Fidelity in Translation: An Interpretative Method Faithful to Original Meaning in Light of Contextual Change ......................... 44 *Assistant Professor, Department of Finance and Economics, McCoy College of Business Administra- tion, Texas State University (guzelian@txstate.edu). This Article's preparation was funded by a Dean's Research Grant from the McCoy College of Business Administration. Portions of this Article's Sec- tions II and III are taken with editor permission from my prior publications originally published in St. Mary's Law Journal (Dollars That Devalue Are Unconstitutional, 54 ST. MARY'S L.J. 85 (2023)), Nebraska Law Review (The Dollar's Deadly Laws That Cause Poverty and Destroy the Environment, 98 NEB. L. REV. 56 (2019)), and Temple Law Review (Sustainable Money, 94 TEMPLE L. REV. 453 (2022) (with Jeff Todd)). I am grateful to Larry Lessig for his jurisprudential insights (in a different context, long ago). Any mistakes in this Article about translation theory are the translator's, not his. I dedicate this Article to my wife Kristina and our children. I also dedicate it to Jesus Christ, who made everything that humans make into money, John 1:3, and who owns all money, Psalm 50:10-12. See generally John 3:16. 1

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