view, Lawrence H. White criticizes several recent proposals for monetary reform, including what we (1983) call the BFH system. Under this system, the government, precluded from issuing money, would merely define a new unit of account and encourage the unit's general adoption by using it in all its own, pricing, contracting, and accounting. The definition would run in terms of so comprehensive a bundle of precisely gradable items with continuously quoted prices that the new unit would have a stable general purchasing power.