New PDF release: New Money for Healthy Communities

By Thomas H. Greco

E-book by means of Greco, Thomas H.

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The Railway makes payment for goods and services, not in legal tender (central bank notes), but in transport certificates. 2. The Railway certifies that it will accept the certificates at their face value like ready money, in payment for its services. 3. The certificates are made out to the bearer. 4. They are issued in convenient denominations. 5. No one need accept them. 6. They have no legal value. 7. The market rate in relation to official currency is freely determined. The primary feature in maintaining their value is the commitment of the Railway to accept the certificates at any time at their face value, regardless of their market rate.

It has been the stated goal of centrally controlled monetary systems to match the money supply to the needs of the economy, but the "needs" have never been well defined in monetary terms, and, as pointed out above, the mechanisms of control have never worked to benefit more than a relatively small privileged class. The supply of money or credit available at any given time should accurately reflect the wealth of material wares and services available for purchase in the near term. This is a principle which has been disregarded in modern money and banking, but must be heeded in establishing a healthy local exchange system.

This hoarding slows its rate of circulation which further reduces the volume of business being conducted. Thus, the depression deepens until money becomes plentiful again. Replenishment of the supply of official (debt) money requires not only an increased willingness of the banks to lend, but also a willingness of individuals and businesses to borrow. Their recent experience of monetary stringency during a depression, however, makes them loathe to incur new indebtedness. The prescription for addressing this dilemma, put forth by Lord Keynes, was for government to intervene by borrowing money and spending it into circulation.

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