Hayek vs Hayek!!

In his 1960 classic "The Constitution of Liberty," F.A. Hayek insisted that money can be supplied adequately only by government. By 1976, Hayek had changed his mind. In that year he published a monograph calling for (as its title reads) "The Denationalisation of Money."

Supplying money, Hayek argued from 1976 until his death in 1992, is best left to private banks competing against each other for deposits. Entrusting government with monopoly control over the single most important good in a market economy -- money -- is a recipe for catastrophe.