There's nothing new under the sun. Reducing the intrinsic value of coins was already tried by the Romans:
Will Nickel-Free Nickels Make a Dime's Worth of Difference?
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"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved." |
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