Austrian Economics and Tally Sticks

Economics Economics Questions
1

What is the Austrian School’s take on “Debit Free”, government issued, Tally Sticks? Pros? Cons?

I keep seeing this idea being floated as I’m researching.

I did a quick search around mises.org and couldn’t find an official point of view on Tally Sticks from the Austrian perspective.

So, I’d like to start an offical thread on the subject. [:)] Any high-profile students of the Austrian School, please feel free to comment :).

Also, could you kindly point me to any resources mises.org might have that goes into detail about the subject?

Sorry, I’m still new. :slight_smile:

Many thanks,
Brian

2

And what exactly are you talking about when you say “tally sticks?” Government issued spending cards?

3

The tally sticks, or its modern version, fiat money, is a way of artificially expanding the money supply, creating bubbles and then the necesary recession, they would provoque booms and bust. Also, for them to work the goverment has to force a monopoly on money, otherwise they would not work. Why not get rid of the monopoly on money and just let the people decide wich money they want to use? Why force some kind of standar? If a group of people want ot use tally sticks no problem, and if it works fantastic, but let the people that dont want to use them use whatever they choose.

4

Thanks, I did not make the mental connection to it as “fiat money”.

I just finished reading “The History of the Money Changers” suggested by a friend:

http://www.iamthewitness.com/books/Andrew.Carrington.Hitchcock/The.History.of.the.Money.Changers.htm

I think the author’s conclusions are wrong. Thats why I wanted to see what the Austrian School had to say about “Tally Sticks”.

The author also claims the success of “Tally Sticks” as being the best “long lasting form of currency, lasting 726 years”.

Also, Bill Still is another person who is advocating “Tally Sticks”. [^o)]