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Free banking and Private Currency

Free banking or private currency existed historically around the world and is emerging again in the form of currency. This video looks at the theoretical foundations of free money which can be extrapolated to and understanding of free banking. https://political-economy.com/ Since money is a commodity, it obeys the laws of supply and demand. Its value is based on its 1) limited quantity and 2) its utility or function. It will have value if people find it useful. Money's primary function is a medium of exchange. The more it gains acceptance the more confidence people have in it. If any currency issued, by a private person, bank or government legal tender functions as this successfully it will have value. This applies if it is virtual or tangible. If the supply is limited and people demand it will retain value. If a central bank excessively prints money or lowers the interest rate too much it will lose value. The era of free banking in United States was arguably one of the most prosperous times economically which ushered in our Gilded Age. Since the creation of the Federal Reserve and the government monopoly of money, we have seen the Great Depression and the Great Recession and other boom and bust cycles. More importantly there is a philosophical idea of freedom in money behind the idea of private currency. If money is a commodity, the most important commodity in the economy, why in a free country and free market does the Federal Reserve Bank monopolizes it? To understand this, I invite you to meditate on what money really is.