RE: Re: Re: state power theory of money

["Forstater, Mathew" <ForstaterM@xxxxxxxx>]

he wouldn't say his dad is too "liberal," but too socialist.  liberal for people like David Friedman means classical liberal or libertarian.  by the way, for the austrian take on the state theory of money there is a good article by Selgin called "On Assuring the Acceptability of a New Fiat Currency" in Jl of Money, Credit and Banking, 1994. That is where I got the argument about fiat money being "traceable" back to a metalic standard.  Also, Selgin had an article on "How the Invisible Hand Would Handle Money" in the JEL 1994. There is a whole "free banking" school that includes people like Selgin, Larry White, Steve Horwitz, etc.  You can see why they see Uncle Miltie, who accepts a Central Bank, as not libertarian enough.

--
From: Michael Perelman

Back in the 1960s, I spent a couple of afternoons with him at his apartment.
He had a good sense of humor.  He also thought that his father was too
liberal.  He wanted to abolish the FDA.  Companies that sold bad medicine
would be punished in the market place.