The recent Liberty Dollar raids raise the question: Why can’t people use any currency they want?
According to Kevin D. Rollins, the managing editor of Econ Journal Watch, the question goes deep into the heart of monetary policy. Two articles from the August 2005 issue point to confusion over even the terms that are used to describe ostensibly free-market policies, the “gold standard” and “free banking.” The articles trace the history of these terms and how monetary policy changed their operational meaning. How these terms are defined plays a central role in economic analysis and how that analysis translates into actual public policy. FULL ARTICLE