Electronic Money

There was a time when money existed as Ledger entry.  Figures were entered into a book at the bank as a record of what you owed the banker or what the banker owed you.   The sum of money recorded in this fashion did not exist in any other form. Ledger entry has been replaced by a computer entry.  The figures are tapped into the computer instead of being written in a ledger.

The discovery that money is an idea makes the computer far more appropriate than a book called the Ledger.

Before we had a computer literate society, it may have been impossible to have a correct and usable monetary system. 

Electronic money refers to the manner in which we use computers in banking.  We are accustomed to think of currency as the form of money we carry in a purse or pocket, something tangible that you can grab hold of. 

There will be two main differences between the Government creating electronic money and banks creating electronic money.

Firstly when the Government creates and issues new money, the money will pass into circulation free of interest and will not be required to be repaid.  This new money will be used to reduce taxation, starting with a reduction and eventual eradication of the tax on earnings. PAYE is a very oppressive tax, it punishes people for working.

Secondly, the rate at which Government creates and issues new money will exactly align with the increase in value of goods and services successfully exchanged in the marketplace.  Thus there will be no risk of inflation.

True Democracy will have been restored; the Treasury will do this in a democratic fashion, the new money being spent wisely and well, under our direction with no risk of inflation.