October 27, 2010 Reading Time: < 1 minute

“Despite the overwhelming evidence that markets perform best when left alone by the government, it is still virtually taken for granted that one consumer product should be completely controlled by every government in the world. One product, so ubiquitous, that it’s used by almost everyone in the world on a daily basis: money. Money is vitally important; the lifeblood of our financial system, but it is a product nonetheless. Consumers use this product not just as a medium ofexchange but also as a liquid store ofvalue and as a basis for accounting… To believe that the Fed is necessary is to believe that money is such a special product that it is optimal to give power to a group of expert economists either to use their best collective judgment in setting policy or to remove their discretion and create certain rules for them to administer. The only alternative is to eliminate government control of money.” Read more

“Toward a Free-Market Money” 
Robert Gelfond 
Cato Journal, Vol. 21, No. 2 (Fall 2001). 
Via the Cato Institute

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