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Thanks Steve,

We are certainly in agreement on this issue. I believe that both Free Banking and NGDP level targeting can provide a "monetary constitution" and the two are not necessarily in conflict.

In regard to the need for monetary easing I would say that I can't really say whether I would favour more or less monetary easing in the US. The fact is that what we need now is rules. In the case of the euro zone I would clearly argue that there is a need for monetary easing - even to fulfill the ECB's present (bad) 2% inflation target. But again - at the core of the problem is bad rule or the lack of rules.

Great explanation. Also, as I mentioned to Kurt, I think it would be great if you cross-posted articles like this on also to help drive traffic to that site.

I assume this is pretty much theorizing about what a monetary spontaneous order would look like, vs. the monetary market socialism we now have?

The monetary spontaneous order would be an abstract practical knowledge order:

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