Demurrage (currency) subsidy. Both inflation and demurrage reduce the purchasing power of money held over time, but demurrage does so through fixed regular fees, while inflation does it in a variety of ways. Inflation is certainly not always everywhere a monetary phenomenon. Inflation is not always easy to predict & it does not stay fixed through time, but the level of demurrage is fixed by the Government. Gresham's law that "bad money drives out good" suggests that demurrage fees would mean that a currency would suffer more rapid circulation than competing forms of currency. This led some such as German-Argentine economist Silvio
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