Private currency boards, as alternatives to central banks, might become a reality – bringing greater stability and economic freedom, according to Steve H. Hanke, a Professor of Applied Economics at the Johns Hopkins University, a prominent expert on hyperinflation, and a major currency board supporter.
“Monetary instability poses a threat to free societies,” said Hanke in his recent paper Money, Stability, and Free Societies. They lead to “ills” such as inflation, banking crises and currency instability, which then result in calls for policy changes many of which threaten free societies and economic freedom. Hanke argues that three major regime changes are needed to improve the stability:
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