Showing posts from March, 2016

The Case for Market Money

In modern times, money production has become the domain of governments, and no longer reflects the demand of the free market. Instead, governmental money is used because it is backed by the state. To protect the monopoly of money in the United States, it is illegal to create a currency that can compete with the Dollar. U.S. Code Section 486 states, "Whoever, except as authorized by law, makes or utters or passes, or attempts to utter or pass, any coins of gold or silver or other metal, or alloys of metals, intended for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design, shall be fined under this title (!1) or imprisoned not more than five years, or both". Recently, the United States government backed this law with force on two occasions. First in 2008, with the seizure of the gold-denominated reserves of the online currency E-gold, and secondly, with the arrest of Bernard von Nothaus, the creator of t…