Worth repeating, from my August 2012 Newsletter

Your Money Power

The vast majority of people remain unaware of it, but the fact is, we have in our own hands, right now, the power to create or completely transcend money. As I’ve been preaching for many years, money is nothing more than credit, i.e., the willingness to trust that the value we provide as sellers of goods and services will be reciprocated when we become buyers. But, as we are now becoming so painfully aware, our trust in conventional political currencies and banks has been misplaced; we have been betrayed. It’s not only a matter of fraud and malfeasance, bad as that is, rather, the entire system was designed from the very start to enable the few to exploit the many.

There are two parasitic elements that are built into the central banking, debt-money system—interest and inflation. Every national currency is supported by the collective credit of the people. It is our own credit that we entrust to the bankers, then beg them to lend it back to us, and pay interest for the privilege. Besides that, the national government gets first priority in the allocation of credit. Banks like to lend to governments instead of to producers, because government securities are relatively risk-free and provide a guaranteed profit. When our collective savings prove insufficient to satisfy government’s spending demands, the banks will create enough new money to enable deficit spending, which is the essence of inflation. It is a hidden tax that eventually shows up as higher prices in the markets.

All of that will continue until the people are able to take back the reins of government, but that cannot happen until the people take back control of their economy, and that requires that we adopt new ways of mediating the exchange of goods and services that puts control in the hands of the people. E. C. Riegel eloquently expressed that prospect:

“To trade goods and services is a natural right of all people. To issue the money necessary to make these exchanges is also the natural right of all people who are intelligent enough to do so. We need not beg for money. We do not need to be money slaves: we can be money masters. When we have become money masters we shall master all our economic and political problems.

Dig up this treasure, your money power, that has been lying dormant in your consciousness and express it for wealth, health, peace and happiness by associating with others who are similarly awakened.”

The way to express our “money power,” and to achieve true democracy is to organize businesses and individuals into credit clearing associations and networks for the direct allocation of credit and payment without the use of political money. My writings, and those of E. C. Riegel, provide directions on how to do that.

I am currently in the process of publishing a major rewrite of my book, The End of Money and the Future of Civilization (Chelsea Green Publishing, 2009). The first nine chapters are already available for free download on this website here, and the works of E. C. Riegel are available on this website in the Library.

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