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Sunday, March 15, 2009

Public Domain Money

Conventional money is created as debt by private financial institutions for their own profit-making purposes, not as a public service. This is the root cause of the economic, social and environmental problems that beset us. The amount of debt determines the quantity of money, which has nothing to do with the amount of money we need to live decent lives.

CES 'money' is created by its users so it can never be in short supply. So long as you can offer something of value you can have from the community goods and services of like value.

CES money is public domain money. It is not 'owned' or controlled by anyone and as such belongs to the commons.
It is 'created' by the traders who use it, not by a third party outside the circuit of buyers and sellers (banks) who do so for their own parasitic gain.

When money is proprietary it confers the money power on those who 'create' and control it; when it is in the public domain the money power resides with its users, who can ensure that it is used for the public good.

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