He has stated this a few times. I think the problem would be that it is not complex enough. It comes back to his argument for why gold & silver are no better as money than paper. Governments can not be trusted. In the end they would print too much and because of the simplicity too many people would easily see that the money system was a complete fraud. They would more quickly try to take evasive action.

That's the flywheel I was talking about. If govt. went on a printing spree they'd end up like Germany circa 1921. Money would flow to the more trusted regimes forcing the profligate govt. to knock it off or face a revolt of its people. The floating currency regime we had post Bretton Woods kind of worked that way, except you had markets for govt. debt that slowed the movement of capital. Instead of fleeing to Marks or Pounds (say) the money went into govt debt because it paid higher interest. In the absence of that (essentially false) escape path you'd have little alternative than to buy foreign currency or simply spend the money as you earned it which would put somewhat of a floor under employment.

I don't know if this works or not, I'm just trying to imagine how it might as I see it as one of the possiblities that may result from a collapse in present arrangements. Clearly the people of Cyprus would be buying foreign currency if the door wasn't slammed in their face, and the numbers show that europeans are increasingly taking that path. Political interference is the only objection I can see to why it wouldn't work, and the answer to that, at the extreme, is regime change such as we've seen in various nations over the last few years.

I have come to the belief that longer term there is no good system of government. Some are better than others but in the end they all eventually change into something else that is less desirable.

I agree to a point, but if you take the longer view there's no doubt we're in better shape today than 100 or 1000 years ago. Medieval serfs may have had more holidays, but they lived only half as long as we do due to disease, pestilence and war. I'm not ready to give up belief in the Idea of Progress just yet, and IMO, money and free markets are at the center of that belief. Opposing forces would like to dominate us for their own ends - this has always been true - but to me, the way we live today stands as proof that belief in human progress is justified.