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The Coming Age of Freed Money

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    Available in PDF - DJVU Format | The Coming Age of Freed Money.pdf | Language: ENGLISH
    Jorge H Moromisato (Author)

    Book details

Money is the lifeblood of the economy. The technology of money-how money is created and how it flows in the economy-determines the fate of societies. About three centuries ago, a new money technology was begun in the British Islands, which produced to the Industrial Revolution: It was the invention of fractional reserve banking. That simple innovation gave rise to the unprecedented expansion of money and credit and to the exponential economic growth to which the world owes its present prosperity. Economists, the experts who are supposed to tell us about these momentous changes in the economy, and explain their causes and effects, are mired in doctrinaire fog since Ricardo and Mill (and for some Marx) cast in stone Adam Smith's imperfect ideas. Thus, today, even that centuries-old money technology is poorly understood: this confusion is illustrated by the current policy arguments among economists, highlighted by the euro crisis, regarding the need for fiscal stimulus or for fiscal restraint. For most of the history of our civilization, nations have been constrained in their economic development by the scarcity of money-gold or silver. The invention of fractional reserve lifted such constraint for the private economy, but not for the public one. Governments everywhere were reduced to the role of borrowers, and forced to cut their spending. And public austerity became economists' recommended policies in the face of people's dire needs. Thus, prosperity became accompanied by inequality: some people became rich without measure while others, including whole nations, sank into the most abject poverty. The closing of the 'gold window' in 1971, gave government the power to control its own finances, as well as the flow of money in the economy: but such power was neutralized by the existence of fractional reserve. 'The Coming Age of Freed Money' heralds a new monetary technology, called that of 'freed money', which shall restore to government the power of money-as intended in our Constitution-and usher a new era of prosperity with real freedom and dignity for all.
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Book details

  • PDF | 302 pages
  • Jorge H Moromisato (Author)
  • Rogem Press (28 July 2010)
  • English
  • 7
  • Business, Finance Law

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