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Money as Debt
Money as Debt is a masterpiece. Brilliant and of infinite value
to mankind.
What we need now, is “How money should be”.
We start from a scientific definition of the word money, which
has never existed, until given to us by L Ron Hubbard. He explained
that money is an idea backed by confidence.
Money is an idea, a mental concept and we need to have a symbol
of that idea, a symbol which is physical. We used gold quite successfully
for a time, but gold no longer serves.
Prior to a computer literate population a suitable symbol of an
idea could not, perhaps, exist. Only a computer can cope with money
as an idea. Computers cope very well with credit as an idea and
it would be possible to have money as credit, provided we differentiate
between credit and debt.
One of the fundamental attributes of money is the need for there
to be an infinite source of money from which to draw, and yet have
strict and total control of the rate at which new money is withdrawn
from source. One of the reasons that gold failed, was the lack of
an infinite source of gold.
The second attribute of Money is the fact that money must be fit
for purpose. The purpose of money must be clearly stated and understood
by all. The purpose of money is to act as a means of exchange, in
order to advance beyond a barter system. Money must serve that purpose
and no other purpose. Just as counterfeit money is illegal, so must
money used for any other purpose than legal tender, be unlawful.
Thus we come to the third attribute of money, which is a yardstick
by which to measure its value.
In order to serve the purpose of a means of exchange, money must
truly represent the value of what is being exchanged. That value
is determined by the price or cost of the goods and services successfully
exchanged in the market place and ensures their continued availability
in the market place. Exchange must be financially viable.
We can now state the definition of money which can be used to correct
everything wrong with economics, which creates global-warming.
Money is a man made means of exchange in which man can have complete
confidence in its value, which derives from trust, that it truly
represents the value of goods and services to be exchanged in the
market place.
When new money is created and issued as a monopoly of the Government,
and is correctly controlled by the people to ensure that money is
fit for purpose, we shall have an ideal monetary system for the
first time in man's history.
It is a relatively straightforward task to assess correctly the
Gross Domestic Product at regular intervals and calculate the speed
at which the GDP is increasing and increase the money supply in
exact accord with that increase.
The additional new money will be spent by the Government to reduce
the Government’s tax requirements.
It will be found that with freedom to increase the GDP and reduce
taxation by so doing, the increase will come from increased quality
and reduced quantity.
Conservation will reign supreme.
Doctor Edward C Hamlyn MBChB
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