cit., p. 142  7  BIS Review 66/1999  “dollarisation”, whereby a country voluntarily relinquishes its own currency in favour of adopting a foreign currency, the “dollar”. It appears to me, therefore, that under the Hayek proposal, we are likely to get either one or other of the following unfavourable outcomes.
On the one hand, we could see the emergence of floating exchange rates between different privately issued moneys, resulting in an uncertain discovery process without any guarantee of a stable outcome, along with a deterioration in economic communication and co-ordination in the economy overall.