I have to say... I don't know that Choice in Currency can be considered a book in the traditional sense. It's more like an essay by Friedrich Hayek. But hey, I got a paperback edition that came in really nicely delivered from Amazon, so I'm going to review it anyway.

Look, it's mind-boggling to me that in today's day and age, most governments still get this wrong.

And hey, there's a positive side note to having most governments and central banks be delusional... But more on that later.

Choice in Currency was published in 1976, and Hayek argued for people to be able to choose which currencies they wanted to use on a day-to-day basis.

And for good reason...

You see Hayek argues that fiat currencies (USD, EUR, JPY) will always be prone to inflation due to government feeling the pressure of having to spend money.

Because if governments don't spend and borrow more money to be able to give us more and more stuff then they wouldn't get enough votes to be able to remain in power. But then of course, this leads to currency devaluation and people losing purchasing power, and this is just the never ending cycle that the U.S. has been stuck in since 1971. And people fall for it over and over again.

The alternative? According to Hayek, privately owned currencies that had to compete against each other in order to gain market-cap. This would allow currencies with strong track records of holding their value to attract more users, and at the same time, put pressure on others to maintain stability. 

Now... doesn't all of this sound familiar?

I truly hope Hayek would be alive today to see what the crypto world is looking like. He would have had diamond hands with Bitcoin for sure!

Choice in Currency is a thought-provoking read for anyone looking to get a deeper understanding of why fiat currencies are susceptible to inflation and might not be the best long-term investment.