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.

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.