Choice in Currency: A Way to Stop Inflation
All people should be free to use any currency of their own choosing, Hayek contended, even if that means rejecting the favored domestic one. This provides a check against inflation, permitting citizens to keep assets denominated in any unit.
Governments will thus have greater incentive to avoid inflating because a depreciating unit will lead people to flee to other currencies. At least this would work as some check, and it would be a great improvement over the existing system in which citizens in a currency region are caged sheep led to the slaughter.