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Monday, April 28, 2008

Monetary Realism
Clark, there is a range of views among PlatCom members regarding monetary policy, but (over my protests) very little of our discussion is visible to the public.  However, I think our Money and Finance plank is quite solid:
"We favor free-market banking, with unrestricted competition among banks and depository institutions of all types. Individuals engaged in voluntary exchange should be free to use as money any mutually agreeable commodity or item. We support a halt to inflationary monetary policies, the repeal of legal tender laws and compulsory governmental units of account. Government regulation of financial and capital markets inhibits investment and often creates marketplace advantage for those with political access, so such regulation should be limited to prohibition of fraud."
You can read the following post to decide whether I'm a "monetary realist":
G.E., I find that a very reliable way to judge quality of someone's opinion on an issue is to ask him what's the best critique of his preferred position that he's ever read.  So, what's the best critique of Misesian monetary theory that you've ever read?