Slay the Creature From Jekyll Island!
What would private money look like? Undoubtedly any transition from government money to market-determined money would be complicated. Multiple forms of money would probably evolve in a private-money world. Specie-backed bank notes are almost certain, which might not be the end of fractional reserve banking but would certainly curtail it. Some of the newer cyber-monies might meet the market test. Money, whatever its forms, serves economically useful functions. Taking money away from central banks and governments and leaving it for market determination takes it away from the two institutions most responsible for impairing or destroying its economic value. Markets will determine the most efficient and trustworthy forms of money, some of which are unforeseeable at the present time (almost by definition, innovation is unforeseeable until it happens).
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Fiat currency is irrational and trying to manage it with more regulations and bigger computers is insanity. Paper money tied to deposits of rare metals is only necessary to impose physical discipline on the operators of the printing press. Transitioning to a private monetary system would be incredibly painful and the corrupt players shifting from the public to private sector would cause extreme harm. I think that the world has grown too large and our transactions are too complex for flying by the seat of our pants. I fear that until we develop beliefs that govern our behavior based on objective principles that we will not be able to build modern societies that are even as stable as we have had in the past.