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Jul 31, 1998

Quantum denariodynamics

The hydraulics of dirty cash

When the Emperor Tiberius faced a massive budget deficit, he nationalized Rome's public toilets on the eminently sensible grounds that not only death and taxes were inevitable. Taken to task by a fastidious aristocrat for accepting tainted money, he produced a coin and held it under the imperial nostril, before pronouncing, 'Non olet,' – it doesn't smell. When I was a poor student I berated my bank manager for bouncing a tax check without notice. 'You were overdrawn, you were stealing

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