[david]

>> The reason they pushed for it? Basically, private banks were printing too many banknotes and causing bouts of inflation.

Good to know we don't have to worry about that anymore...

IANAEconomist, but I think what the banks were doing then couldn't really be considered free-market either, since they were engaging in a type of fraud by telling people they're notes were backed by so much real gold, when that wasn't the case at all.

But then how regulating that sort of fraud fits in with free market vs regulation might be getting a little deeper into the issue than I really want to go right know so take that with a grain of salt :)