Could we consider a “commercial currency”, alongside government currency (notes and coins), bank currency, and perhaps gold and bitcoin?
We propose another current asset type to accommodate settlement of payables/receivables without the need for a line of credit. Let’s call this account “commercial currency”, alongside bank, petty cash, receivables, inventory, and other current assets.
One the one hand we have skills and resources, and on the other there are needs, wants, and desires. Somehow needs cannot be satisfied with available skills and resources without some magical medium called money.
The most common sources of money are mining, debt, and credit.
Once upon a time there was a skilled carpenter who had a reputation for reliability and magnificent furniture for homes and businesses. Over the years he built up a well-equipped workshop, with an adequate warehouse full of selected materials alongside. One morning he was working on an order to outfit a new store, when heContinue reading “Short of Inches”
Ryan Fugger: The Ripple service allows payments between interconnected friends and businesses. Normally, if your friend Alice owed you $10, she would have to pay you back before you could make any use of that debt. If you were creative, however, you might be able to pass the debt on to someone else who knewContinue reading “Network of Trust”
Margrit Kennedy: Money is one of humankind’s most ingenious inventions – and also one of its most dangerous. Interest and Inflation Free Money offers a clear, simple explanation of how financial policies shape the global markets – and how interest wrecks cultures, ecosystems, and economic systems. In particular, it reveals the hidden flaws in ourContinue reading “Interest- and Inflation-free money”
Thomas H. Greco, Jr: Demystifying Money and Liberating Exchange Thomas H. Greco, Jr. is a preeminent scholar, author, educator, and community economist, who, for more than 35 years, has been working at the leading edge of transformational restructuring. He is widely regarded as a leading authority on moneyless exchange systems, community currencies, financial innovation, andContinue reading “Beyond Money”
Richard A. Werner: This paper presents the first empirical evidence in the history of banking on the question of whether banks can create money out of nothing. Three hypotheses are recognised in the literature. According to the financial intermediation theory of banking, banks are merely intermediaries like other non-bank financial institutions, collecting deposits that are thenContinue reading “Can banks create money out of nothing”