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Hayek proposes that individual firms issue pieces of paper that are not backed by any production or consumption good. In a sense, Hayek wants to privatize central banking
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similar to cryptocurrency -> compete with traditional fiat currencies -> no stable purchasing power -> some expand at predetermined amount
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blames nations for inflation in the 1970s
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people could create their own currencies and people could choose the best currency -> stable purchasing power for a given basket of commodities