Re: The Extropian Principles

Eric Watt Forste (
Tue, 30 Jul 1996 17:29:48 -0700

>The August '96 issue of Wired says that "the US is built on a US$7
>trillion economic engine, only $300 billion of which is in cash."
>What will happen when cash is replaced by private cash cards (cards which
>use encryption to allow private transfer of electronic cash which exists
>only as bits on the cash card). Would these bits still have to mean
>something? Would the government still have to say how much money exists
>in "cash" even if that cash is only made up of bits?

I would post on this issue, but most of what I have to say about it is
already said in my review of George Selgin's THE THEORY OF FREE BANKING,
which is available on the Web at:

I hope you enjoy reading it.

Eric Watt Forste <>