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Sunday, March 15, 2009

Money System

Why invent a new money when our official monies seem to do the job?Because our conventional money system is at the root of most of the misery, suffering and problems faced by humanity. It is also the prime factor behind the environmental crises we face.

The money systems we use are not neutral, non-partisan, services provided by our governments. They are a 'service' provided by private financial institutions (banks) specifically for their own benefit rather than those who use them.

Our conventional money systems only work for those who already have money and marginalise the rest. They are also the fuel that powers the growth imperative of our economies, forcing us all to compete and having disastrous consequences for the health of our planet.

The main problem with conventional money is that it 'exists', or at least we are encouraged by the commercial banks to believe that it exists so that they can 'lend' it to us at a price! As such it has to be created, distributed and the amount of it restricted and controlled.

As money comes into existence when commercial banks grant loans, every unit in existence is based on a unit of debt. This determines the quantity of money, which has nothing to do with the amount of money people require to live decent lives.

Such money is also based on speculation, because it is loaned into existence on the premise that it will be payed back in the future with interest. Despite its modern electronic trappings, our conventional money systems are a relic of history. They are the latter day equivalent of cattle or gold.

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