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Rethinking Money: The Rise Of Hayek’s Private Competing Currencies by Peter Ferrara on Forbes

Submitted by on March 2, 2013 – 6:13 pm4 Comments

Rethinking money

“Auditing the Fed, replacing Fed monetary policy discretion with a mandatory price rule governing policy, even the gold standard, Nobel Laureate Friedreich Hayek pushed the envelope beyond all of these. He advocated running the world economy on competing private currencies.

A competitive private market for money, instead of an arbitrary government monopoly amounting to a license to steal for the ruling class? How could that ever work?

Just like any other competitive private market for any other good or service, Hayek would answer, which is a lot better than a government monopoly. But doesn’t the government have to determine the standard for any society’s money, just like it determines the standards for the society’s weights and measures?”

Read the full article here.

Go straight to the granddaddy of all private currencies here.

Get the book here.


  • Matslats says:

    This article seems to be saying extremely bluntly that government is bad, privately owned systems are good. It implies to me that the demise of the dollar owes nothing to its mismanagement by an opaque and malicious / incompetant elite which has a gun to the head of the democratic institutions and the right of dollar seignurage, and everything to a repeatedly failed system of government (democracy).

    I’m amazed that you let such a biased and simplified article pass without comment.

  • Considering that we have a murderous national government that brutally enforces its private monopoly on the world I can’t imagine someone calling it good as it is indeed so bad. What should not be missed is that the proposals require some cooperation which is not at all encouraged by the current system. That would be a shift in human behavior, a good thing. By redesigning the system we can design in better behaviors. We should not allow our own bias to close us off to positive solutions. We must come to grips with the cognitive dissonance that affects everyone and get things in balance. The two main roadblocks to change are human behaviors and funding, both can be addressed with good monetary design.

  • “…implies to me that the demise of the dollar owes nothing to its mismanagement by an opaque and malicious / incompetant elite..”

    I think the elite inherited the system and while they take advantage of every opportunity, the system itself is a problem they don’t really understand themselves. The fact that it needs regulation or management at all is an indication of a systemic design flaw.

  • I did take issue with his comment that implied economic growth was necessary.

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