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