From your cited essay:
"If governments cannot provide international monetary stability, private enterprise should have an opportunity to devise its own solution. Advances in Internet commerce suggest that some kind of e-money alternative might prove workable in the future -- at which point governments should be prepared to rescind legal-tender laws that today grant them a monopoly over currency issuance."
I agree completely. In fact, I'll advance a private market solution right now. Send me your dollars, rubles, gold, ringgit, yen, pounds, euros, and anything else of value. I'll issue you my superior currency product, the kam. The kam will be completely electronic, so I won't have to send you anything back. But that's fine, as you can use the kam at all participating merchants. The kam will be backed by the full faith and credit of me. I promise I won't issue myself a pile of kams, making yours worthless. I swear. |
