David Friedman, the anarcho-capitalist son of Milton, has a piece arguing for private money. The problem I see with the state power/fiat money argument is that there are lots of instruments out there that should qualify as money that are not creatures of state creation. A recent article in one of the Hayekian journals actually makes this kind of argument in a discussion of money market funds - which, of course, have no reserve requirements.
Stephen F. Diamond School of Law Santa Clara University [EMAIL PROTECTED]
