J. Orlin Grabbe, 1995:
http://peculium.net/2013/04/03/the-end-of-ordinary-money-by-j-orlin-grabbe/F.A. Hayek argued for the denationalization of money, an abolition of the government monopoly over the money supply, and the institution of a regime of competitive private issuers of currency [55]. One reason was to stop the recurring bouts of acute inflation and deflation that have become accentuated over this century. Another reason was to make it increasingly impossible for governments to restrict the international movement of individuals, money and capital, and thereby to safeguard the ability of dissidents to escape oppression. He said that “attempts by governments to control the international movements of currency and capital” is at present “the most serious threat not only to a working international economy but also to personal freedom; and it will remain a threat so long as governments have the physical power to enforce such controls.”
Two decades ago, Hayek’s proposal seemed to have scant probability of ever coming about. No longer.
Hayek’s dream is about to be realized.
