I understand that we need to replace the federal reserve with nothing. Let banks, etc, whoever freely issue there own currency (Ron Paul always talking about competing currencies). Let people freely decide what currency, be it notes or actual gold and silver to use.
Lets say in a truly free society, a bank issues there own note (currency), would other people be free to counterfeit the note?
In other words, if someone counterfeited the note, is that a matter for the government to deal with (would it be illegal) or is that strictly a matter for the bank to deal with?
Thanks
Well fraud is fraud, and people would take action or just not accept the funny money.
A paper money bill basically says: “The issuer of this note promises to deliver 1 gram of pure gold in exchange for it”.
It is of course fraud to print such a piece of paper if you have not the mandate of the named issuer to do so. It’s as much fraud as if I, without your consent, wrote a “contract” which claims that you owe me something. Fraud is one of the things that a minimal government would fight.
"A paper money bill basically says: “The issuer of this note promises to deliver 1 gram of pure gold in exchange for it”."
Ah, that is true. I didn’t think about that. That would be fraud.
thanks for the replies.