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LOST SCIENCE. OF MONEY. The Mythology Of Money -. The Story Of Power. Stephen A. Zarlenga. American Monetary Institute. Box , Valatie, NY
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Nomisma is Greek and derived from the root word nomos.
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Nomos means established by law. Thus, nomisma is a concept in which the concept of money is derived and defined by law. Throughout the book a reader realizes that Zarlenga is hopelessly stuck inside the philosophy of statism. He seems unable to conceive of a world outside that philosophy. Thus, he does not define the concept of money outside those boundaries. Yet, a useful theory of money must exist outside statism. Such a theory would be applicable within statism but can survive and explain the concept of money outside that environment.
Zarlenga should know better. He is well aware that in early human history cattle was the preferred common medium of exchange, and in that early history, human communities were little more than early agrarian settlements mixed with nomads and hunter-gatherers.
The Inca Empire
There then was no environment known as statism. Yet, concepts of exchange and value were already entrenched in human thinking. Thus, Zarlenga should know that the concept of money is not defined by statutory decree but by mere social custom. Although within the statist environment statutory law can amplify or affirm social custom, a dependable theory of money must stand alone in either environment.
A better definition of money:. This definition satisfies the way cattle was used by ancient ancestors, satisfies the way various precious commodity metals have been used in exchange, and satisfies the way the modern fiat paper currency and checkbook currency is used. Zarlenga fails to explicitly define other important words that are needed to develop a useful theory of money.
He failed to explicitly define concepts such as currency, debt, credit, or justice. Like many authors, Zarlenga assumes the meaning and definitions of these words are obvious when, as he aptly reminds his readers throughout the book, definitions are not obvious. Had Zarlenga defined such words, he likely would have removed several contradictions and confusing statements in his book and would have developed a sounder theory of money. Readers are urged to read Zarlenga to appreciate those flaws.
One example is the misconception that only precious metal commodities can serve as a medium of exchange, specifically gold and silver. Another flaw is that the exchange value of gold and silver is regulated by supply and demand when historically, the exchange value almost always was regulated by political decree. Perhaps one of the more interesting historical aspects of money discussed by Zarlenga is the difference in gold-silver exchange ratios that existed between Europe and Asia.
Europeans valued gold more than silver and Asians the opposite. This created differing exchange ratios.
History of Ancient Sparta
Well into the 19th century the typical exchange ratio in Europe was about However, some critics of fractional reserve banking argue that the practice inherently artificially lowers real interest rates and leads to business cycles propagated by excessive capital investment and subsequent contraction. Rowbotham argues that this concentrates wealth in the banking sector with various pernicious effects.
Some critics discuss the fact that governments pay interest for the use of money which the central bank creates "out of nothing". Some monetary reformers criticise existing global financial institutions like the World Bank , International Monetary Fund , Bank of International Settlements and their policies regarding money supply , banks and debt in developing nations, in that they appear to these writers to be "forcing" a regime of extortionate or unpayable debt on weak Third World governments that do not have the capacity to pay the interest on these loans without severely affecting the well-being or even the viability of the local population.
The attempt by weak Third World governments to service external debt with the sale of valuable hard and soft commodities on world markets is seen by some to be destructive of local cultures, destroying local communities and their environment. Proponents of monetary reform find the current system of money creation unjust. The most common arguments for a transition to full-reserve banking or sovereign money are listed below:. While proponents of monetary reform have produced many books, reports, and policy papers full of documentation, those who prefer to preserve the present banking system have mostly met the criticism of the generation of money as credit with silence.
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Opponents of reform have voiced their arguments mainly in the few cases where the issue has been brought up in parliamentary debates. In Switzerland , the issue has been the subject of a public referendum. See the Wikipedia article on the Swiss sovereign-money initiative for details. The main arguments for keeping the current system of money creation based on credit or fractional reserve banking are listed below:. Many of the arguments for and against monetary reform have been met with counter-arguments.
An evaluation of the validity of the arguments and counter-arguments is outside the scope of the present Wikipedia article. To regulate credit creation, some countries have created a currency board , or granted independence to their central bank. The Reserve Bank of New Zealand , the Reserve Bank of Australia , the Federal Reserve , and the Bank of England are examples where the central bank is explicitly given the power to set interest rates and conduct monetary policy independent of any direct political interference or direction from the central government.
This may enable the setting of interest rates to be less susceptible to political interference and thereby assist in combating inflation or debasement of the currency by allowing the central bank to more effectively restrict the growth of M3. However, given that these policies do not address the more fundamental issues inherent in fractional reserve banking, many suggest that only more radical monetary reform such as government directly taking over central banks such as the China or Swiss models can promote positive economic or social change.
Although central banks may appear to control inflation, through periodic bank rescues and other means, they may inadvertently be forced to increase the money supply and thereby debase the currency to save the banking system from bankruptcy or collapse during periodic bank runs, thereby inducing moral hazard in the financial system, making the system susceptible to economic bubbles.
Theorists such as Robert Mundell and more radical thinkers such as James Robertson see a role for global monetary reform as part of a system of global institutions alongside the United Nations to provide global ecological management and move towards world peace , with Robert Mundell in particular advocating the revived use of gold as a stabilising factor in the international financial system. While some mainstream economists favour monetary reforms to reduce inflation and currency risk and to increase efficiency in the allocation of financial capital , the idea of all-encompassing reform for green or peace objectives is typically espoused by those on the left-wing of the subject and those associated with the anti-globalization movement.
Still other radical reform proposals emphasise monetary, tax and capital budget reform which empowers government to direct the economy toward sustainable solutions which are not possible if government spending can only be financed with more government debt from the private banking system. In particular a number of monetary reformers, such as Michael Rowbotham, Stephen Zarlenga and Ellen Brown , support the restriction or banning of fractional-reserve banking characterizing it as an illegitimate banking practice akin to embezzlement and advocate the replacement of fractional-reserve banking with government-issued debt-free fiat currency issued directly from the Treasury rather than from the quasi-government Federal Reserve.
Austrian commentator Gary North has sharply criticized these views in his writings. Alternatively, some monetary reformers such as those in the social credit movement, support the issuance of repayable interest-free credit from a government-owned central bank to fund infrastructure and sustainable social projects. This social credit movement flourished briefly in the early 20th century, but then became marginalized.
It died out in the 80s. Both these groups those who advocate the replacement of fractional-reserve banking with debt-free government-issued fiat, and those who support the issuance of repayable interest-free credit from a government-owned central bank see the provision of interest-free money as a way of freeing the working populace from the bonds of " debt slavery " and facilitating a transformation of the economy away from environmentally damaging consumerism and towards sustainable economic policies and environment-friendly business practices.
Some governments have experimented in the past with debt-free government-created money independent of a bank. He believed it was the efforts of English bankers to revoke this government-issued money that caused the Revolution.
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Some go further and suggest that wholesale reform of money and currency, based on ideas from green economics or Natural Capitalism , would be beneficial. These include the ideas of soft currency , barter and the local service economy. Jewish Mysticism by Joshua Abelson. Mohammed and the Rise of Islam by D.
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