I was scrabbling around looking for something the other day and I stumbled across this book. I'd forgotten about it - which is odd given how much I'd been burbling about money recently. Flicking through I was again reminded why the case for competing currencies is so strong:
"We have always had bad money because private enterprise was not permitted to give us a better one. In a world governed by the pressure of organized interests, the important truth to keep in mind is that we cannot count on intelligence or understanding but only on sheer self-interest to give us the institutions we need. Blessed indeed will be the day when it will no longer be from the benevolence of the government that we expect good money but from the regard of the banks for their own interest.”
Government through force has prevented private money. In doing so (and once the inconvenience of money having any link to value was removed in the 1970s) those governments opened up the floodgates of state squander. We need a check on those governments, a means of preventing another grand economic debauch, something to prevent the deranged myth of valueless money from taking hold. And competition is the best check of all.