> truly private money is an inferior alternative to the money that comes with the backing of a political authority. By the Gresham's law [1] (i.e.: "Bad money

> truly private money is an inferior alternative to the money that comes with the backing of a political authority. By the Gresham's law [1] (i.e.: "Bad money drives out good") being an "inferior money" is actually a good thing. [1] http://en.wikipedia.org/wiki/Gresham%27s_law http://en.wikipedia.org/wiki/Gresham%27s_law