Monetary Alternatives: Rethinking Government Fiat Money

Today we live a world of discretionary government fiat monies. Any link of the dollar to gold ended in August 1971, when foreign central banks were no longer allowed to freely covert their dollars for gold at the official exchange rate. The end of convertibility left the dollar without an anchor except for the Federal Reserve's promise to maintain price stability. However, the current system of pure government fiat monies, managed by discretionary central banks, is inconsistent with monetar...