Social Credit up to the State level.
Time for a New Theory of Money
By understanding that money is simply credit, we unleash it as a
powerful tool for our communities.
by Ellen Brown
posted Oct 28, 2010
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.
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