John Stossel on Competing With the Federal Reserve


Americans get jailed for offering alternative currencies to the U.S. dollar. Why must our government make currency competition illegal? According to Hayek, "This monopoly of government, like the postal monopoly, has its origin not in any benefit it secures for the people but solely in the desire to enhance the coercive powers of government." People generally assume that government is careful about preserving the value of the dollar, writes John Stossel. But as we've seen, that is far from the case.