Wal-Mart and Wal-Mart currency

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Lew posted on the opposition to Wal-Mart entering the banking business. Wal-Mart could have branches everywhere, in many countries too, and in far more convenient locations than most banks.

What if we had a really free market in money and banking?

Wal-Mart in a free market could issue its own vouchers or certificates good for the purchase of goods at Wal-Mart. Given its big size, its reputation, and that so many people shop there, these vouchers could pass from hand to hand. In short, Wal-Mart would be issuing currency based on a “shop” foundation of these vouchers being redeemable at Wal-Mart for merchandise. It could even pay employees in these vouchers.

Wal-Mart could issue Wal-Mart money.

5:57 pm on September 24, 2008
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