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Well, we tried that, and it has its own problems too. However, in practice, the monopoly on violence ends up implying a desire for the monopoly on money. Drawi
by jerf 5y ago
Well, we tried that, and it has its own problems too.
However, in practice, the monopoly on violence ends up implying a desire for the monopoly on money. Drawing that out would take more than an HN comment, but I don't think it's too shocking a thesis.
- eru 5y agoWho's we? Canada and Scotland did really well with privately issued money. (The US did well enough, but not as well as them. Mostly because of inane regulations in the US. Like bans on branch banking and forcing banks to buy government bonds.) See eg https://www.alt-m.org/2015/07/29/there-was-no-place-like-canada/ https://www.alt-m.org/2015/07/29/there-was-no-place-like-can... for some background. > However, in practice, the monopoly on violence ends up implying a desire for the monopoly on money. Not sure. Plenty of countries use money they don't control. See https://en.wikipedia.org/wiki/Currency_substitution https://en.wikipedia.org/wiki/Currency_substitution for some examples.