Joe and Pete discuss where paper money gets its value and argue that the benefits of money creation should be shared democratically.
Archive for the ‘Primer’ Category
Part 5: The Exit Strategy
Joe talks about the need to transition the money system from its present debt-based form to an equity-based system of government-issue, debt-free money -a move that has enormous potential to create true economic democracy. The concept of the Money System Common emerges from our cooperative ownership of this nation’s money system, as guaranteed by the [...]
Part 4: Debt-Free Money
It’s not a new-fangled idea. It is an old, proven, widely-supported method of democratizing the money system. Joe takes us from the success of the American colonies through Lincoln’s issue of the original Greenbacks, from the Chicago Plan for Monetary Reform (1933) to Milton Friedman.
Part 3: The Problems of the Debt-Money System
In which Joe describes how the current financial/debt crisis was inevitable, given that we let banks create all of our money as debt.
Part 2: The debt money system: Money creation in the US since 1913.
There are three levels of money creation in the US since the passage of the Federal Reserve Act of 1913: the US Treasury/Federal Reserve level, the “fractional reserve” or commercial bank level, and the investment bank level. It is essential to think about all three of these elements of the money CREATION part off the [...]
Part 1: It’s our monetary system!
First some definitions: money and monetary system. What is money? It is a medium of exchange. It is a way of keeping track of exchanges of goods and services. What is a monetary system (or money system)? A monetary system is the rules and regulations, agreements if you will, that govern a country’s money supply. [...]
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