U.S. Financial Bubbles and Tax Sovereignty via Seigniorage
摘要
The formation and development of modern society are profoundly marked by the establishment of the financial system. The advent of the modern financial system has ushered in an era of centralized credit allocation, wherein the capacity to aggregate and deploy credit constitutes a fundamental source of global influence (Keohane & Nye, 2001). Through financial derivatives and swap agreements, contemporary financial platforms enable the intertemporal mobilization of both historical accumulations and future expected revenues, effectively integrating national and societal credit into a unified global network (Minsky, 1986). Modern financial platforms utilize derivative instruments (such as futures, options) and swap transactions to extend credit resources across time (intertemporal allocation) and integrate them across space (cross-border flows). This integration mechanism not only activates dormant credit (e.g., historically accumulated wealth) but also transforms future expected returns into presently deployable credit resources through risk pricing and income distribution mechanisms. In this process, seigniorage—the revenue accrued by the monetary issuing authority through money creation—emerges as a central tool for financially hegemonic states and entities to participate in the global redistribution of wealth (Goodhart, 1998; Reinhart & Rogoff, 2011; Gourinchas, Rey, & Govillot, 2019).