Hayek also argued for privately issued money. Of course, bank in the US issued money in the early nineteenth century, causing enormous confusion -- sort of like an Enron-inspired banking federal reserve.
Steve Diamond wrote: > 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] -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]
