I don't like to mix VDARE.COM with my day job as a financial journalist, but can't resist making available online for the first time my long article on competing currencies as an alternative to the Federal Reserve. Here's my intro; we post tonight.[Update: here it is: Golden Oldie: Peter Brimelow's Absolutely Definitive Account Of This Weird Competing Currencies Idea Ron Paul Keeps Talking About]
OK, I admit it: I tend to be early. The idea of private money—often referred to as “competing currencies”—has always fascinated me. I persuaded Jim Michaels, the late, great editor of Forbes Magazine, to let me translate the little-known academic literature into journalese in this article, which he published under the title Do You Want To Be Paid In Rockefellers? In Wristons? Or How About A Hayek? almost (ahem!) exactly twenty years ago. (May 30, 1988). The Great Inflation of the 1970s was then still a live memory. For some years, my account was regularly assigned in college courses. Now, GOP Presidential candidate Ron Paul seems to have single-handedly revived the issue with his relentless criticisms of the Federal Reserve. (Click here for Google web search). I still think it’s going to happen—just as there will eventually be an immigration cut-off.