glyph 539: money, monolpoly of issue leads to destruction of free societies . solution may be competition . history of money and it continuous degradation and the consequences . concurrent currencies . metals, gold, silver, hard money ... when thinking about bitcoin hold the ideas in this book in mind


The Denationalization of Money, by F. A. Hayek

proposal to deprive governments of monopoly of issue of money

This fascinating book was first published in October, 1976 by the Institute of Economic Affairs, London. Hayek began the introduction with these words:

In my despair about the hopelessness of finding a politically feasible solution to what is technically the simplest possible problem, namely to stop inflation, I threw out in a lecture delivered about a year ago a somewhat startling suggestion, the further pursuit of which has opened quite unexpected new horizons. I could not resist pursuing the idea further, since the task of preventing inflation has always seemed to me to be of the greatest importance, not only because of the harm and suffering major inflations cause, but also because I have long been convinced that even mild inflations ultimately produce the recurring depressions and unemployment which have been a justified grievance against the free enterprise system and must be prevented if a free society is to survive.

The further pursuit of the suggestion that government should be deprived of its monopoly of the issue of money opened the most fascinating theoretical vistas and showed the possibility of arrangements which have never been considered.

The entire book, here, without charge:
June 15, 2014

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