Money emerges from commodities to become the medium of exchange, usually it has been gold or silver or both. Currency, paper money, started out warehouse receipts for gold and silver stored. In USA from the beginning the general government claimed a monopoly on gold and silver coins. Eventually they took a monopoly on currency as well, but for more than a hundred years anyone who wished to issue currency was free to do so. If you do not have a free market in coins and currency, then you do not have a free market.
Here a man is convicted for trying to start his own money system, as in a free market. Prosecutor says it is terrorism. Sigh.
Hong Kong has a freer market, because various private companies issue the currency. All circulate simultaneously.
Sunday, March 20, 2011
USA Is Not a Free Market
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