Basic Concepts in Currency, Credit, and Exchange

Abstract

There remains today, even among economists and “experts,” a general lack of understanding about the essential nature of money, currency and credit, and sound principles of their creation and management. This paper provides a point-by-point summary of fundamental concepts and basic principles of exchange, it outlines the systemic defects and destructive nature of the dominant political, central banking, interest-based, debt-money system, and describes the ways in which honest and effective exchange media can be created on a decentralized basis outside of the banking system and in lieu of political money. A wider understanding of these points will hopefully lead to the widespread creation of honest exchange mechanisms and the devolution of financial, economic, and political power that can change the course of civilization from self-destruction toward peace and harmony.