Monetising the government's debt is a recipe for a debased currency and hyperinflation.

But Banks's word is a debased currency.

It has helped drive up the oil price, indirectly funds deficits and, as Germany fears, could bring inflation and a debased currency.

He saw through all the foolish sophistries with which the defenders of fiat money, or debased currency, sought to defend their schemes.

Macaulay is contrasting, in his customary vein of overwrought and over-coloured detail, the evils of arbitrary government with those of a debased currency:-