IMAGINE A WORLD WITHOUT GOVERNMENT MONOPOLY MONEY
The problems with the existing government monopoly monetary systems are well known to most economists and financial markets experts; hence, the quest for alternatives to government monies in the search for stable money substitutes.
Cryptocurrencies, using tools like blockchains, appear to many to hold the greatest promise. The noted economist F.A. Hayek crisply explained why nongovernment money, such as those backed by a basket of privately held commodities, is likely to be superior in his landmark book, “Denationalization of Money,” published in 1976.
Mr. Hayek wrote long before the Internet, blockchains and highly secure, easy-to-use encryption. With the new technologies, his arguments have increasingly become a practical reality.













