A história passada do federalismo europeu

"The mass of federal and state debt could have depreciated and passed out of existence by the end of the war, but the process was stopped and reversed by Robert Morris, wealthy Philadelphia merchant and virtual economic and financial czar of the Continental Congress in the last years of the war. Morris, leader of the nationalist forces in American politics, moved to make the depreciated federal debt ultimately redeemable in par and also agitated for federal assumption of the various state debts.

The reason for this was twofold:

(a) to confer a vast subsidy on speculators who had purchased the public debt at highly depreciated values, by paying interest and principal at par in specie; 18

[curioso,quem é que será ajudado com uma solução financeira-federalista no alto interesse da estabilidade, do euro, da Europa, do mundo, do universo?....]

and

(b) to build up agitation for taxing power in the Congress, which the Articles of Confederation refused to allow to the federal government.

[impostos federais...rings a bell]

The decentralist policy of the states’ raising taxes or issuing new paper money to pay off the pro rata federal debt as well as their own was thwarted by the adoption of the Constitution which brought about the victory the nationalist program, led by Morris's youthfull disciple and former aide, Alexander Hamilton."

History of Money and Banking in the United States: The Colonial Era to World II, Murray N. Rothbard.