ible, it does become difficult and very faulty. The more of this exclusive and coercive currency, is forced into circulation, the higher prices, including wages, will be V sooner or later, later when temporarily there is some hoarding going on. All creditors are harmed soon, all debtors later - particularly once investors become aware of inflation. Inflation is not just over-spending. Without Legal Tender and the issue monopoly this kind of money could not be spent, no more so than I could overspend with my IOUs and my cheques - without being refused or very soon found out and penalized. Issuing forced or fraudulent money is not "spending". 2. WHAT STOPS INFLATION? Ending Legal Tender and ending the issue monopoly would make inflation impossible. This implies allowing any kind of private alternative exchange medium which is subject to a free market rate and the right of everyone to refuse to accept altogether or at par any exchange medium but the ones he issued himself. It would also mean allowing people to agree among themselves on any kind of alternative standard of value they believe they can trust or have reasons to trust. It would require that all wages and goods prices are priced out in alternative sound standards. Most likely, for general acceptance, would be a gold-weight-reckoning-unit. This kind of gold standard would not require any redemption at par by the issuer but it would require - for its continued wide acceptance at par, at least locally, that on the free gold market it would be accepted at par with its nominal value. Among the alternative exchange media, the most likely and important would be the currencies issued by shop associations, notes covered by consumer goods and services in daily demand. Such currencies would have "shop foundation". Repeal Legal tender and the central bank monopoly, allow gold pricing and gold clearing and a free gold market, free pricing for wages and goods, free production and free ...
