Some interesting developments posted on the Cobden Centre blog, regarding further attempts by Douglas Carswell to reform the monetary system, following up on previous efforts. ((For further background, see my posts Baxendale’s UK Banking Reform Proposal; Cobden Centre Radio: Steve Baker MP on Austrian Economics and Banking Reform; Freebankers Debate Baxendale Banking Reform Proposal; UK Parliament Speech Invokes Mises Institute re Honest Money and Sound Banking and UK Proposal for Banking Reform: Fractional-Reserve Banking versus Deposits and Loan. Regarding Huerta de Soto’s LSE Hayek speech which discusses these issues and mentions the Carswell bill, see Jesús Huerta de Soto’s LSE Hayek Lecture on Banking Reform; Jeff Tucker’s Yesterday was a Historic Day; Lew Rockwell’s LRC post Jesús Huerta de Soto in London.))
ConservativeHome: It’s time for currency choice – and Douglas Carswell’s 10 minute rule Bill on currency reformBy Steven Baker MP, on 6 September 11
Over at ConservativeHome, I have promoted Douglas Carswell’s ten minute rule Bill on legal tender laws and currency choice:
People today have unprecedented choice. They can shop around online. They can tune into numerous television and radio channels. They can even decide between different hospitals for medical treatment.
But why are people not allowed to decide for themselves in which currency to transact their business and store their own wealth?
Today, Douglas Carswell introduces a Bill designed to make a range of different currencies legal tender in the UK. It would mean that, with the click of a mouse, people would be able to store wealth and pay taxes in a range of different currencies of their choice.
By Dr Tim Evans, on 6 September 11
According to some media sources Douglas Carswell MP is today brining a bill to the House of Commons that aims to demonopolise the UK’s legal tender laws. Very much a sign of the times, I believe you will hear a lot more about this idea in the days and weeks ahead. Already, the BBC has picked it up here.
A Conservative MP is to call for a basket of foreign currencies to be made legal tender in the UK.
Such a move would protect savers by allowing them to hold the currency least likely to be devalued, Douglas Carswell will argue in the Commons.
And it would allow consumers to shop around for the best currency deal – perhaps via a smart phone application – when buying goods in shops or online.
Read the whole article.