Chapter 4, Central Banking and the Rise of the Money Power is now available here on this website, complete with end notes, along with previously published chapters 1, 2, and 3. Click on the links below to access the text and the audio narration directly. Additional chapters will be posted as they are completed here. Watch for Chapter 5 to be posted in about two weeks.
As always, your comments and suggestions will be welcomed.
Thomas
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Chapter 4—Central Banking and the Rise of the Money Power
Chapter 4—Audio Narration
Beyond Money 
A quick technical note. Having read your book, the term “The End of Money” seems to me like a misnomer. A more precise definition of the concept laid out in the book would be something like “The End of EXOGENOUSLY Introduced Monies” – as opposed to, and in favor of, money arising ENDOGENOUSLY out of the exchange of goods and services in the real economy. As much as I hate the big words, in this case they are quite apt.
Jeanny
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Hi Jeanny, thanks for your comment.It all depends on how one defines “money.” I often argue that there are two kinds of money–honest money and dishonest money, or legitimate money and illegitimate. I will better explain that in my new edition of “The End of Money…”, stay tuned.
But here’s a preview:
The Exchange function requires only two elements, credit, and an accounting unit that quantifies the amount of credit. That unit must be defined in terms of something real, like gold or silver as it was in former times. But an assortment or “market basket” of several commodities will provide a more stable measure of value than any single commodity.
Producers of real value can organize themselves to give each other credit, as they commonly do already. As they trade among themselves, their debits or obligations can be offset against their credits or claims. With these two elements, credit and an accounting unit based on real value, the need for money is eliminated. Further, between the time when the credits are issued and when they are redeemed, others outside the credit circle can use those credits as an alternative voucher currency to pay what they owe to others.
Saving, the other function that money is supposed to provide, can be accomplished by those who have surplus exchange credits that they wish to save, by using them to buy longer term obligations such as equity shares, or debt instruments like bonds notes or bills. In that way, the savings of some provide investment capital for others to use to become productive. Again, the need for money and borrowing from banks is eliminated. All of this can be achieved on a cooperative basis without charging interest but only fees sufficient to cover operating costs of the cooperative. Nor is there any need for government involvement beyond the adjudication and enforcement of legal contracts.
These changes alone can decentralize the control of finance, politics, and the economy, rein in reckless adventures of national governments, eliminate the endless growth of debt, and usher in a new civilization of peace and a dignified life for all.
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