[lehighguy]

I would certainly love rules to prevent government spending, but the reality is that governments respond to the will of the people. The inflation tax is often invisible to the vast majority of the electorate. They don't understand how fiat currency works and it is much harder for average people to link a 5% price increase to government as opposed to a 5% income tax. This is especially true in the current enviornment where the fed can literally export inflation to other countries. Now you can increase the money supply without inflation even fully showing up in the economy, at least until they sell those dollars back.

The central bank is the great enabler of destruction. And in a democracy I would argue that it will inevitably become an enabler. Either purposely and malicously, or through the simple fact that central bankers are unable to set proper interest rates based on market demand.