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Wednesday, July 12, 2006

CCQ 11 Paying Caesar, Who Chooses How?

Anonymous wants to know

If money is issued privately, how will the government decide which currencies to accept for court fees and fines?

The only legal requirement if you wish to issue money would be that it is backed by something tangible, real assets.

I think a de facto gold standard would re-arise. Therefore all legal currencies would be valid. While anyone could start their own currency, I think you would tend to find that a trusted few would tend to dominate. They would be accepted universally until their integrity became suspect, then a better currency would take their place.

All the government would have to do is require that the fines be paid in currency that corresponds to a certain standard value compared to say,gold.


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