Cato scholars consider alternatives to discretionary government fiat money that are consistent with individual freedom and a money of stable value. Such alternatives include "denationalized" currencies, gold or other commodity standards, and monetary rules that constrain central banks. Money is central to a free-market system; if the value of money is unstable, that instability makes business planning more difficult and interferes with the smooth operation of the market price system. Sound money is also important for the efficient operation of the financial system and for safeguarding economic and personal freedom. Monetary instability can lead to the growth of statism, as shown by the origins of the New Deal in the Great Depression and the rise of fascism during the German hyperinflation of the 1920s.