In response to:

Let's Give the Fed Some Competition

Paulus Textor Wrote: Apr 04, 2012 4:30 PM
In a free and just society, the government's role in money would be strictly limited to definition of weights and measures, and pursuit and punishment of counterfeiters of those standards. For ease of identification, a "dollar" could be defined as a one-ounce, .90 silver coin. The government could also specify such things as diameter, thickness, rilled edge, name and address of mint, etc. John Stossel could mint "Stossel Dollars," Rush Limbaugh could mint "Limbaugh Dollars," etc. So long as those dollars meet standards of weight and measure, it doesn't matter who mints them. What gives the money value is not WHO mints the coin, but whether the coin meets all standards.

Pssst. Want to buy some Stossels? They’re my own currency with my face on them.

Why should you trust them?

Because I promise to redeem them for gold. And I’m reliable. I have money in the bank and a job that brings in more than I spend.

By contrast, the politicians who back American currency run an unsustainable deficit.

The Federal Reserve prints so much money that since it opened its doors in 1914, the dollar has lost more than 90 percent of its value.

OK, I won’t really sell Stossels. Americans get jailed for offering alternative currencies. The government insists...