quinta-feira, maio 30, 2013

Competing currencies

Gold Is Money, in Spite of Mr. Keynes por Pedro Schwartz:
I will defend the freedom and the opportunity of having private and public gold currencies to compete with the fiat moneys of present day governments. Gold can be used as money without it being imposed by law. We should be free to make payments in gold or gold instruments and hold them among our assets, but it is not for governments to fix the rate between their paper money and gold. That would skew the market and defeat the object of the innovation: to have individuals enjoy a real choice of currencies. Government currencies have dismally failed us in the past and are still failing us at present. We need effective monetary competition for individual freedoms to flourish. Hence, I will argue in favor of the creation of public and private currencies, none of which should be proclaimed legal tender and one or more of which could be linked to gold.

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