The lost science of money pdf

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At some point in my own internet-based research on the subject I came across the website for his American Monetary Institute. Zarlenga and I differ significantly in our views of what constitutes a just — and sound — monetary system. Or a combination? He argues: "History shows money is an abstract institution of society and government. Paper money in hand is more secure. In a crisis this leads to cash runs on banks. It avoids collapse by changing outstanding bank credit into actual cash. Treasury paper held by banks, gets credited against these borrowings; canceling an equal amount.

Banks are then confined to lending existing funds. All US debt held by the banking system is canceled out by the banks borrowings from the Treasury. Banks become panic proof, with cash to pay all claims.

This reform removes the money issuing power from private banks and places it in the US Treasury. Under this bronze money, Rome developed and gave the world a system of law that is still consulted after years — a legal system separated from religion to a higher degree than seen before in antiquity.

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