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Sunday, March 15, 2009

The Debt-base money system

The debt-based money system was developed for the industrial revolution to provide a rapidly expanding money supply that could not be provided by a money system based on the quantity of precious metals.

This introduced intangible money that did not exist in the same way as earlier 'hard' monies, but people continued treating it as a tradable commodity. Money that 'exists' can thus be accumulated like any other commodity.

It can also be stolen, traded, collected, destroyed and lost. Its distribution is not based on the delivery of value to others but on the ability of people to 'make money'. Conventional money has no restraints and always flows away from where it is created and needed, towards the 'money centres'.

The CES breaks out of this paradigm by recognising that the electronics revolution has eliminated the need for an exchange medium. Never before in the history of humankind has it been possible to record accurately who delivers value to whom.

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