Their hearts are surely in the right place, but when money is discussed with devotees of the Austrian School, they frequently tout the concept of “competing currencies.” At first glance it’s hard to argue with them. Rather than leave money to government, why not let private actors compete to issue the best money?
Fair enough, but then the Austrian School view arguably misses the point for presuming that money can be extra good, or money plus. That’s the equivalent of saying that there can be an “extra strength” minute, foot, or teaspoon. In truth, there’s no good or bad minute because the latter is simply a measure. Money is similarly just a measure, though its meaning has been perverted in modern times, and in ways that have brought the global economy staggering harm.