New Private Monies: A Bit-part Player?

Kevin Dowd argues that states must allow a level playing field as far as private money is concerned. For too long the government has stifled competition between state—backed and private currencies. Instead, central banks should welcome competition as it forces them to offer consumers greater choice and improved quality. A weakened ability to store value, growing restrictions on finance, oppressive taxes and a lack of financial privacy have resulted in growing frustration at state controlled...