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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (148399)	10/29/2010 9:44:22 PM
From: Wharf Rat	Respond to of 542169

I'm not into this stuff; maybe somebody is. Time for a new theory of money by Ellen Brown By understanding that money is simply credit, we unleash it as a powerful tool for our communities. The reason our financial system has routinely gotten into trouble, with periodic waves of depression like the one we’re battling now, may be due to a flawed perception not just of the roles of banking and credit but of the nature of money itself. In our economic adolescence, we have regarded money as a “thing”—something independent of the relationship it facilitates. But today there is no gold or silver backing our money. Instead, it’s created by banks when they make loans (that includes Federal Reserve Notes or dollar bills, which are created by the Federal Reserve, a privately-owned banking corporation, and lent into the economy). Virtually all money today originates as credit, or debt, which is simply a legal agreement to pay in the future. energybulletin.net